Question $2$

Surfing Fun Limited imports surfboards and sells them to department stores throughout New Zealand. At

$1$ July $2023$ opening inventory comprises $10$ units at $$22$ each. Throughout the quarter ended $30$

September $2023$ the sales price of surfboards was $$30.$ Extracts from the inventory record reveal the

following transactions.

Required

Calculate the ending inventory and cost of sales for the quarter ending $30$ September $2023$ using FIFO,

LIFO and Average cost methods, assuming that Surfing Fun Limited chooses the:

a$)$ Periodic inventory system. Include the proof of cost of sales.