Question 2 (30 marks)

Needle Company uses a perpetual inventory system for its product. Its beginning inventory and purchases during year 2020 as follows:

Date		Units	Unit Cost
1 Jan.	Inventory	400	$14
10 March	Purchase	200	15
9 May	Purchase	300	16
22 Sept.	Purchase	250	20
28 Nov.	Purchase	100	21

At 31 December 2020, 550 units are in inventory. Sales in year 2020 are as follows:

15 Jan.	200 units at $30
1 April	200 units at $30
1 Nov.	300 units at $35

Required:

(a)	Calculate the cost of goods available for sale.	(10 marks)
(b)	Apply the weighted average inventory costing method to calculate ending inventory and cost of goods sold for Needle Company.	(20 marks)