Kylie Ltd began 1 April 2022 with 80 units of sunglass inventory that cost $25 each. During the month, Kylie Ltd completed the following transactions:

		Units	Unit cost	Unit sale price
Apr 7	Sale	55		$75
10	Purchase	90	$50
23	Sale	70		$75
31	Purchase	35	$55

Required:

(i) Prepare a perpetual inventory record for the above inventory using average cost method

(ii) Determine the cost of sales using the average-cost inventory costing methods (round average cost per unit to the nearest dollar)

(iii) Calculate gross profit for March using the average-cost inventory costing methods