The following information relates to the inventory of Gadgets Ltd during May:

May   1           3         10         12         17         25

Beginning Inventory Purchased Purchased Sold Sold Sold

80 90 110 90 80 30

units units units units units units

@ $7 @ $8 @ $9

Gadgets Ltd uses a perpetual inventory system. Ignore GST.

Required

Determine the cost of the ending inventory (assuming there have been no stock losses) and the cost of sales, using the following three methods.

1. The moving average; round unit cost to the nearest cent.

2. Specific identification; assume that the ending inventory on 31 May consisted of 13 units from the beginning inventory, 24 units from the 3 May purchase, and the remainder from the 10 May purchase.

3. FIFO.