Using a periodic system and the weighted average method, calculate the cost of the closing inventory on 30 June and the cost of sales for the year. Show all your calculations.

2.2Using a perpetual system and the FIFO method, determine the cost of the closing inventory and the cost of sales for the year. Use a table to answer the question and show all your calculations.

The following information relates to the inventory of a bookseller in the records of BCD Books Ltd.

1 July

Opening inventory

8 @ $35

14 Aug

Purchased

11 @ $38

25 Sept

Sold

9

8 Jan

Purchased

10 @ $40

3 March

Purchased

5 @ $42

13 April

Sold

11

10 June

Sold

3

2.1Weighted average method: Periodic

2.2FIFO: Perpetual