On 1 September 2021, Seaforth Sunglasses commenced trading. The company specialises in bulk selling branded and high-quality sunglasses to retailers, with affordable pricing. Seaforth Sunglasses is registered for GST and has decided to use perpetual inventory system. By 1 October 2021, the business had 320 pairs of sunglasses on hand that at $44 each. The following transactions occurred during the months of October and November: OCT 8 Purchased 120 pairs of sunglasses costing $49 each for cash. OCT 15 Summer Glasses (a new client) purchased 215pairs of glasses, on credit. The selling price was negotiated to be $70 each. OCT 20 Returned 20 pairs of glasses purchased on October 8, as it was found to be defective. OCT 25 Purchased 95 pairs of sunglasses for $52 each, on credit NOV 3 Purchased 150 pairs of sunglasses for a discount price of $47 each for cash. NOV 8 Sold 195 pair of sunglasses to Glad Glasses for $80 each for cash. NOV 25 Glad Glasses business had gone bankrupt and has decided to return 80 pairs of sunglasses from the November 3 sale. The sunglasses were not defective. NOV 28 Summer Glasses was happy with the quality and pricing of the sunglasses and purchased 235 pairs, for a negotiated price of $75 each. An invoice was issued with the terms: 2/15, n/30. NOV 30 Purchased 300 pairs of sunglasses as the supplier had a massive sale. Paid $45 for each pair of sunglasses.

Required (a) Calculate the Cost of Sales and cost of ending inventory using each of the following methods: i. FIFO ii. moving average iii. LIFO. (b) Prepare journal entries to record the transactions, under FIFO assumption.