8.1 During his first year of trading, Ted made the following purchases and sales:

Purchases January 2,000 units @ £3.00 6,000 Sales April 1,000 units @ £3.40 3,400 May 1,600 units October 3,000 units @ £4.00 12,000 November 1,600 units 21,400 Calculate Ted’s cost of goods sold and closing stock figures on the following bases:

(a) FIFO perpetual;

(b) FIFO periodic;

(c) average cost perpetual;

(d) average cost periodic.