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The following information relates to the inventory of Margaret's Megamart Ltd during December. Ignore GST

The following information relates to the inventory of Margaret's Megamart Ltd during December. Ignore GST. Date 1/12 10/12 15/12 23/12 ge innin Purchase Purchase Purchase Totals invento units 700 2,000 Units cost $ 12.00 12.60 13.20 14.00 Total cost $ 8,400 6,300 3,960 7,000 $25,660 Margaret's Megamart Ltd uses the periodic inventory system. A physical count on 31 December verified that 650 units were on hand. Required: a) b) c) Determine the Ending inventory and Cost of Sales for the month of December, using the FIFO costing method. (3 marks) Determine the Ending inventory and Cost of Sales for the month of December, using the weighted average costing method. (3 marks) Which cost flow method(s) resulted in higher gross profit on sales? a higher ending inventory? Explain your results. (2 marks) The following information relates to the inventory of Margaret's Megamart Ltd during December. Ignore GST. Date 1/12 10/12 15/12 23/12 ge innin Purchase Purchase Purchase Totals invento units 700 2,000 Units cost $ 12.00 12.60 13.20 14.00 Total cost $ 8,400 6,300 3,960 7,000 $25,660 Margaret's Megamart Ltd uses the periodic inventory system. A physical count on 31 December verified that 650 units were on hand. Required: a) b) c) Determine the Ending inventory and Cost of Sales for the month of December, using the FIFO costing method. (3 marks) Determine the Ending inventory and Cost of Sales for the month of December, using the weighted average costing method. (3 marks) Which cost flow method(s) resulted in higher gross profit on sales? a higher ending inventory? Explain your results. (2 marks)