Momoe Limited specialises in selling professional ballpoint pens. The business indicates the following inventory records for pens for the month of August. Ignore GST.

Aug 1 Beginning inventory 2,111 units @ $1.04 each

4 Sold 1,098 units @ $4.30 each

9 Purchased 1,761 units @ $1.08 each

16 Purchased 1,350 units @ $1.07 each

21 Sold 2,300 units @ $4.40 each

27 Purchased 1,983 units @ $1.10 each

31 Sold 1,600 units @ $4.40 each

Required:

Determine the ending inventory, cost of goods sold and gross profit figure at 31 August under each of the following costing methods:

1. First-in-first-out method (9 marks)
2. Average cost method (9 marks)
3. Specific identification method: (9 marks)

• the August 4 sales were from the opening balance;
• the August 21 sales were from the August 16 purchases and the remainder were from the August 9 purchase; and
• the August 31 sales were from the August 27 purchases

Show your working clearly. Round your calculation to two decimal places