Balala Traders

Balala Traders trades with Widgets. The following information relates to their
inventory-transactions for July 201x11:

Widgets bought during the month

01 July 3 000 units @ R1.00 each
08 July 9 000 units @ R1.10 each
15 July 6 000 units @ R1.20 each
22 July 9 000 units @ R1.30 each
29 July 3 000 units @ R1.40 each

Widgets sold during the month:

16 July 9 000 units @ R2.00 each
31 July 9 000 units @ R2.50 each

Additional information:
R7
1. Administrative expenses paid for in cash during the month 500
R4
2. Sales expenses incurred and unpaid at month-end 500
3. Drawings by the owner:
Widgets for his own use on 31 July [units] 1 000
R3
Cash withdrawn for his own use 300
4. There were no Widgets on hand on 1 July 20x11.

REQUIRED:
1. Statement of profit or loss and other comprehensive income for the month ending 31 July 20x11
using the FIRST-IN-FIRST-OUT method. (Make use of a stores ledger card.)
2. Statement of profit or loss and other comprehensive income for the month ending 31 July 20x11
using the WEIGHTED AVERAGE method. (Make use of a stores ledger card.)

SHOW YOUR CALCULATIONS!