Novak Limited stocks a variety of sports equipment for sale to institutions. The following stock record card for basketballs was taken from the records at the December 31, 2020 year end: Invoice Number Units Received Unit Invoice Cost Gross Invoice Amount Date Terms Jan. 1 balance Net 30 98 $20 $1,960 15 10624 Net 30 60 20 1.200 Mar. 15 11437 1/5, net 30 65 16 1,040 June 20 21332 1/10, net 30 90 15 1,350 Sept. 12 27644 1/10, net 30 82 12 984 Nov. 24 31269 1/10, net 30 74 11 814 Totals 469 $7,348 A physical inventory on December 31, 2020, reveals that 100 basketballs are in stock. The bookkeeper informs you that all the discounts were taken. Assume that Novak Limited uses a periodic inventory system and records purchases at their invoice price less discounts. During 2020, the average sales price per basketball was $22.25. (a) Your answer is correct. Calculate the December 31, 2020 inventory using the FIFO formula. (Round answer to 2 decimal places, e.g. 52.75.) Ending inventory $ 1114.74 (b) * Your answer is incorrect. Calculate the December 31, 2020 inventory using the weighted average cost formula. (Round weighted average cost per unit and the final answer to 2 decimal places, e.g. 52.75.) Ending inventory $ 1495.49 e Textbook and Media Save for Later Attempts: 2 of 3 used Submit Answer Using multiple attempts has impacted your score. 10% score reduction after attempt 1 (c1) The parts of this question must be completed in order. This part will be available when you complete the part above