Personal Tech Ltd records its inventory of fitness watches using the FIFO cost allocation for perpetual inventory. The following information summarises the inventory movements for their most popular fitness watch, FW#1657 for the month of September: (Ignore GST)

Required

(a) Prepare an inventory record showing the above transactions.

(b) Assuming instead, the company uses the moving average method of recording cost of sales, calculate the cost of sales and ending inventory balance for the month of September and compare your answers with those from requirement (a).

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1 Beginning inventory - 25 units product fit watch @ $120 each Sept. Purchases Sept. Sales Sept. 8 13 fit watches @ $125 each 17 30 fit watches @ $115 each 25 15 fit watches @ $130 each 4 10 fit watches @ $195 each 12 18 fit watches @ $195 each 20 20 fit watches @$195 each 28 22 fit watches @ 199.95 each