Maine Corporation sells item A as part of its product line, using the periodic system. Information as to balances on hand, purchases, and sales of item A are given in the following table for the first six months of 2020:

Quantities

Unit Price

Date Purchased Sold Balance of Purchase

January 11 300 $5.00

January 24 1,300 1,600 5.20

February 8 300 1,300

March 16 560 740

June 11 600 1,340 5.60

x

Part b) Calculate the cost of goods sold for the first six months of 2020, and the
ending inventory value, using the Weighted Average cost formula. (5 marks)