Using a periodic FIFO inventory system, determine the cost of the closing inventory and the cost of sales for the year. Show all your calculations.

The following information relates to the inventory of a bookseller in the records of BCD Books Ltd.

1 July	Opening inventory	10 @ $35	$350
14 Aug	Purchased	10 @ $38	380
25 Sept	Sold at selling price	9 @ $60	540
8 Jan	Purchased	10 @ $40	400
3 March	Purchased	5 @ $42	210
13 April	Sold at selling price	11 @ $65	715
10 June	Sold at selling price	5 @ $70	350