Peter Limited manages its inventory using the perpetual inventory control system. The inventory manager provides the relevant inventory details in Table 1 below.

Table 1. Inventory under Perpetual Inventory Control System - Peter Limited
Description	Units	Cost	Price
Opening Inventory	44 444	3
Purchases during the period	377 778	3
Sales during the period	384 444		8
Closing Inventory	31 111	3

Required:

1. Based on the above information, calculate the cost of goods sold under the existing inventory control system.

2. Further, calculate the cost of goods sold under the periodic inventory control system.