The following information has been extracted from the records of entity D about one of its products. Entity D’s reporting date is 30 September 2010. 

Determine the cost of inventory on hand at 30 September 2010 and the cost of sales for the year ended 30 September 2010, using: 

(a) The FIFO cost formula.

(b) The (moving) AVCO formula (round the average unit costs to the nearest cent, and round the total cost amounts to the nearest euro).

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2009 01/10 Beginning balance Purchased Sold @ 48.00 per unit 06/10 05/11 19/12 24/12 2010 10/01 22/03 30/04 04/05 04/06 06/08 27/09 Purchased Purchases returns Sold @ 48.40 per unit Purchased Sold @ 53.00 per unit Sales returns @ 53.00 per unit Sold @ 54.00 per unit Purchased Sold @ 60.00 per unit No. units 1,600 600 2,000 2,200 160 1,400 16,800 3,600 40 7,000 1,000 6,200 Unit cost 28.00 28.20 29.40 29.40 30.00 32.00 Total cost 44,800 16,920 64,680 4,704 504,000 32,000