HOLMES INSTUTE In Class Exercise The following information relates to XYZ Ltd. XYZLtd CDs uses the periodic inventory system to account for its inventory. The following information relates to the three month period ending 31 March 2016. All costs are net of GST. At 1 January 2016 beginning inventory was 1,000 CPs with an average cost price of S4 cach Total cost of Units purchased purchases Units sold Total sales S January Sales 800 8,000 Purchases February Sales Purchases Sales 800 3,600 750 8.500 1,200 6,000 March 1,100 2,650 uns 11,200 $27,700 $9.600 2,000 units A physical stocktake counted 350 CDs on hand on 31 March 2016. Required: Using the periodic system, calculate the cost of sales and the ending inventory of CDs on hand at 31 March 2016 using a) the weighted average method (4 marks) the first-in-first-out (FIFO) method