Kennington Limited uses a perpetual inventory system and the cost of raw materials issued to production is calculated each time an issue is made. Details relating to component LMN, of which there was no opening inventory, are as follows: Date 1 Jan 4 June 3 July 7 Dec Purchases Purchases Issues Issues units Cost per unit Date Units 300 SIO 14 Jan 200 250 $20 18 Jun 250 100 $30 13 Aug 150 100 S35 Required: Calculate (a) the charge to production and (b) the cost of closing inventory using: (i) first-in-first-out (FIFO) (2 marks) (ii) last-in-last-out (LIFO) (2 marks) (iii) average cost (AVCO), rounded to the nearest $ (3 marks) (Total: 7 marks)