Allison Ltd is a firm in Kiama operating as a wholesaler of Skate boards and selling its boards only on account to its customers which mostly are retailers. Allison Ltd also purchases the skates on account. Allison Ltd uses the periodic method to record its inventory transactions. The following are transactions of its inventory for the month of May 2020:

Date	Description	units	Cost
May 1	Beginning inventory	25	$54
May 4	Purchase	60	60
May 10	Sale $120 per unit	70
May 11	Sales return of the 10 May sale at the cost of $70	15
May 18	Purchase	60	70
May 18	Purchase return of 18 May purchase	15	70
May 25	Sale $120 per unit	50
May 28	Purchase	70	80

Required (Show all working and ignore GST):

Calculate the cost of inventory on hand at 31 May 2020 under the:
Weighted Average method.	(4 marks)
First In First Out method.	(3 marks)
Calculate the Gross profit for May 2020 under the following methods:
Weighted Average.	(2 marks)
First In First Out.	(3 marks)
Using Perpetual and First In First Out Method calculate inventory on hand at 31 May 2020	(8 marks)