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 8 Jan Purchased 3 March Purchased 540 10 @ $40 400 5 @ $42 210 13 April Sold at selling price 11 @ $65 10 June Sold at selling price 5 @ $70 715 350