Momoe Limited specialises in selling professional ballpoint pens. The business indicates the followi

Momoe Limited specialises in selling professional ballpoint pens. The business indicates the following inventory records for pens for the month of August. Ignore GST.

Aug 1                 Beginning inventory            2,111 units @ $1.04 each

          4                 Sold                                       1,098 units @ $4.30 each

          9                 Purchased                            1,761 units @ $1.08 each

          16              Purchased                            1,350 units @ $1.07 each

          21              Sold                                       2,300 units @ $4.40 each

          27              Purchased                            1,983 units @ $1.10 each

          31              Sold                                       1,600 units @ $4.40 each

Required:

Determine the ending inventory, cost of goods sold and gross profit figure at 31 August under each of the following costing methods: First-in-first-out method (9 marks) Average cost method (9 marks) Specific identification method: (9 marks) the August 4 sales were from the opening balance; the August 21 sales were from the August 16 purchases and the remainder were from the August 9 purchase; and the August 31 sales were from the August 27 purchases

Show your working clearly. Round your calculation to two decimal places

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