QUESTION 21 May Total 21. The following information is gathered in relation to sales and purchases of inventory during a year. January 1 Beginning inventory 1 Purchases 150 items @ $3 = $ 450 450 items @ $6 = $2,700 600 items $3,150 Total sales 300 items December 31 Ending inventory 300 items 5 points Save Answ Given the information about purchases and sales during the year, calculate the cost to be allocated to ending inventory for each of the methods indicated below, and the inventory turnover ratio using the cost assigned on an average basis to ending inventory. (a) Cost allocated to ending inventory using average cost method: $ (b) Cost allocated to ending inventory using FIFO method: $ (c) Costs allocated to ending inventory using LIFO method: (d) Inventory turnover ratio assuming cost allocated to ending inventory using FIFO method: