Date 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: 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): 1) Calculate the cost of inventory on hand at 31 May 2020 under the: 1) Weighted Average method. (4 marks) 2) First In First Out method. (3 marks) 2) Calculate the Gross profit for May 2020 under the following methods: 1) Weighted Average. (2 marks) 2) First In First Out. (3 marks) 3) Using Perpetual and First In First Out Method calculate inventory on hand at 31 May (8 marks) 2020