Assignment of cost (periodic and perpetual methods)   LO4, 5, 6 Darwin Ltd’s inventories transactions for April 2021 are shown below. Purchases Cost of sales Balance Date No. units Unit cost Total cost No. units Unit cost Total cost No. units Unit cost Total cost April 1 20 $8.00 $160.00 4 90 $8.40 $756.00 7 100 $8.60 $860.00 10 50 13 (20) $8.60 ($172.00) 18 70 21 (5) 29 40 Required For each question, select the correct answer. Show any workings required and provide reasons to justify your choice. 1. If Darwin Ltd uses the perpetual method with the moving weighted average cost formula, the 18 April sale would be costed at what unit cost?

(a) $8.60

(b) $8.46

(c) $8.44

(d) $8.42 2. If Darwin Ltd uses the periodic method with the FIFO cost formula, what would be the cost of sales for April?

(a) $1303.00

(b) $1508.60

(c) $1310.00

(d) $1324.00 3. If Darwin Ltd uses the perpetual method with the FIFO cost formula, the 21 April sales return (relating to the 18 April sale) would be costed at what unit cost?

(a) $8.00

(b) $8.60

(c) $8.40

(d) $8.50 4. If Darwin Ltd uses the periodic method with the weighted average cost formula, what would be the value of closing inventories at 30 April 2021? (Round average cost to the nearest cent.)

(a) $295.40

(b) $301.00

(c) $253.20

(d) $297.50