The following information relates to the inventory of a bookseller in the records of Bayside Books Ltd, a company registered for GST. All unit prices below exclude GST.

July    1 Aug. 14 Sept. 25 Jan.   8 March 3 April 13 June 10

Beginning Inventory Purchased Sold Purchased Purchased Sold Sold

8 11 9 10 5 11 3

@ $35 = $280 @ $38 = $418 @ $40 = $400 @ $42 = $210

Required

A. Using a periodic system and the weighted average method, calculate the cost of the 11 items in inventory on 30 June and the cost of sales for the year.

B. Using a perpetual system and the moving average method, calculate the cost of the year-end inventory and the cost of sales.

C. Using a periodic system and the FIFO method, determine the cost of the 11 items in inventory on 30 June and the cost of sales for the year.

D. Using a perpetual system and the FIFO method, determine the cost of the year-end inventory and the cost of sales.

E. Compare the results obtained under requirements A, B, C and D above.