Aunt;- Milton Ltd uses the periodic inventory method and the following information was extracted from its inventory records for August: May 1 Beginning inventory 8 units @ $12 7 Purchased 15 units @ $14 15 Sold 9 units 16 Purchased 10 units @ $15 21 Purchased 15 units @ $16 28 Sold 9 units Required: Calculate the cost of ending inventory at 31 August and the Cost of Goods Sold for August using the following methods: a) Weighted Average. (3 marks) b) First In First Out. (3 marks) Part 2. The following transactions occurred for Galaxy Ltd during September. 5/9 Purchased inventory on account from Moon Ltd of $3,000 and freight charges of $150 was added to the invoice. 10/9 Returned $500 of inventory to Mars Ltd. 15/9 Sold inventory to Venus Ltd on account for $4,000. The cost of sales was $3,200. Required: Prepare journal entries to record the above transactions, assuming that Galaxy Ltd uses a perpetual inventory system (ignore GST). (4 marks)