Alpha Ltd has the following inventory transactions for the month of December 2022. All inventory items are identical. During the month, the following inventory transactions took place in the Alpha Ltd: Opening inventory recorded on 1 December 2022; 1250 units@ 11.50. Purchase on 2 December 2022; 3500 units@ 12.50 Purchase on 12 December 2022; 4500 units@ 14.50 Purchase on 21 December 2022; 2100 units@ 15.50 Alpha Ltd sold 9500 units during the month and had the remaining units on hand at the month end. At the month end, the net realisable value of the inventory item is 16.50 unit.

Required:

a) Compute the costs of sales and ending inventory following the periodle system to record the inventory value under each of the the following cost flow method:

1. First in, First out(FIFO) method.
2. Weighted average cost method.
3. Discuss with reference to the AASB standard