1. Cost of goods sold amount for December 2016 using FIFO

2. Cost of goods sold amount for Dec 2016 using weighted average

3. Inventory amount at Dec. 31 2016 using LIFO

4. Cost of goods sold for Dec 2016 using LIFO

5. Inventory amount at Dec 31 2016 using weightd average

6. Inventory amount at Dec 31 using FIFO

7. If you used LIFO for financial reporting and FIFO for internal reporting, what amount of LIFO reserve would you disclose for Dec 2016?

Year 2016 is the first year of operations for your company. You have been given the following information for the last month. All numbers (other than the cost or price per unit) are in thousands. December 1, 2016, beginning balance of inventory: 2,000 units @10.00 each Purchases Sales Dec 2 1,500 $10.05 600 $10.50 900 $11.00 20 1,200 $11.00 300 $11.10 500 @ $21.00 8 1,600 @ $22.00 700 $22.00 18 1,800 @ $21.00 700 @ $23.00 Dec 5 7 15 30 Total 5,300 27 Total 4,500 The company uses the periodic inventory accounting system. Ihe accounting year ends on December 31, 2016. Answer each of the following questions on the left side by picking one of the answers on the right side. [Hint: Finding the cost of goods available for sale first will help you with some of the answers]