The following information relates to the one typy of inventory of Toy Ltd during the month of May 2022. Ignore GST.

		Units	Units cost ($)	Total cost ($)
1/5	Beginning inventory	2,520	33	83,160
10/5	Purchase	1,800	34.8	62,640
15/5	Purchase	1,080	36.6	39,528
23/5	Purchase	1,800	39	70,200
	Totals	7,200		$255,528

Toy Ltd has adopted the Periodic Inventory System. A physical count on 31 May verified that 2160 units of the type of inventory were on hand.

Required:

1. Determine the Ending inventory and Cost of Sales for the month of May, using the FIFO costing method. (6 marks)
2. Discuss at least 4 differences between Perpetual and Periodic Inventory systems. Your comparison should be based on aspects such as recording keeping, internal control, end of period process and business opportunity etc. (4 marks)