1 3 12 Condensed Ltd uses a perpetual inventory system. Ignore GST. The following information relates to the inventory of Condensed Ltd during May- Maye Beginning inventory 100 units @ $92 Purchased 110 units @ $8+ 10 Purchased 135 units @ $92 Sold 110 units Sold 100 units Sold 35 units 1. Assuming Moving Average method is used. (7 marks) (1) What is the amount of Cost of the Closing Inventory? (2) What is the amount of Cost of Sales? (3) Complete the following table for Moving Average method (round unit cost to the nearest cent) 17 25 Sales Date Purchase Explanation Units Unit Coste Unite Total Cost Unit Cost Total Cost Balance Units Unit Cost Total Coste 2. Assuming First-In-First-Out (FIFO) method is use. (7 marks) (1) What is the amount of Cost of the Closing Inventory? (2) What is the amount of Cost of Sales? (3) Complete the following table for FIFO method (round unit cost to the nearest cent). Salese Balance Date Purchase Explanation Units Unit Cost Unite Total Coste Unit Cost Total Cost Units Unit Cost Total Coste