Ballard Company uses the periodic inventory system. The companys beginning inventory and later purchases of inventory during Nov2020 were as below:

Nov 01: Beginning inventory, 50 units @ $26 per unit.

Nov 17: Inventory purchased, 85 units @ $30 per unit.

Nov 25: Inventory purchased, 70 units @ $33 per unit.

Ballard company sold 110 units during the month of Nov 2020.

Required:

a. Calculate the cost of goods sold and ending inventory for Nov2020 using both the Weighted Average cost and First in, first out (FIFO) method. (14 marks)

b. Also record the journal entries for the Nov 17 purchase of inventory and when 60 units from this lot were sold for $45 each. Assume both purchase of inventory and its sale are on account. (6 marks)