Consider the following information available for the inventory records of Company A for 2019 and 2020:

2019 purchases

UNITS UNIT COST

Batch 1

60,000

20

Batch 2

50,500

25

2020 purchases

UNITS UNIT COST

Batch 1

100,000

30

Batch 2

92,000

35

Units on hand as of:

December 31, 2019

42,000

December 31, 2020

60,000

Suppose 2019 was the Company's first year of operations, determine:

Inventory as of December 31, 2019 if FIFO method was used

Cost of Goods Sold as of December 31, 2020 if FIFO method was used since 2019

Inventory as of December 31, 2020 if weighted average costing was used since 2019 (round off weighted average unit cost to two decimal points).

Cost of Goods Sold as of December 31, 2019 if weighted average costing was used (round off weighted average unit cost to two decimal points).