The following information related to china CDs China CDs used the periodinc inventory system to account for it inventory. The following information related to the three month period ending 31^st march 2020. All cost are net of GST. At January 1 2020 beginning inventory was 1000 CDs with an average cost of $4 each

	Unit purchased	Total cost of purchase	Unit sold	Total sale
January sales purchase	800	3600	800	8000
February sale purchase	1200	6000
March sale purchase			1100	11200
	2000 unit	$9600	265 unit	27700

A physical stock take contain 350 CDs on hand in 31 March 2020

a) calculate the cost of inventory of CDs on hand at 13 march 2020, under each of the following cost flow method

• The weighted average method (3mark)
• The first in first out(fifo) method (3mark)

b) assuming the value of closing stock is $4.50 per unit prepare a statement to show calculation of gross profit for three months ended in 31 march 2020 (3 mark)