accounting question- thanks in adv

[Maz]

the question
Compare FIFO and weighted average costing methods and state the differences.- 7marks
I've got part of an answer...im also gonna add effect on financial statements but what do you think i could add? cos it's 7 marks

 The main difference between weighted average cost accounting and FIFO methods of accounting is a difference in which each method calculates inventory and cost of goods sold. The weighted average cost method a formula of: total cost of item in inventory for sale/ total number of units available for sale. Under the FIFO system the company assumes that the first inventory to enter is the first that will be sold. (i.e., first in first out)

For example, the situation:
If you are stationery shop and you purchase 300 rubbers at $0.45 and then 200 rubbers for $0.30, at the end you sold 100 rubbers
Example:
300 rubbers at $0.45= 135
200 rubbers at $0.30= 60
Total rubber: 500

Weighted average cost:
Cost of rubber: $195 divided by 500= $0.39 per chair
Cost of goods sold: 100* $0.39= $39
Remaining Inventory: 400* $0.39= $156

FIFO cost:
Cost of goods sold: 100 rubbers* 0.45= $45
Remaining Inventory: (200*0.45) + (200*0.3)= $150