Question 4 (10 marks) CORE Limited is a dealer of electronics in Hong Kong. The company purchases its inventories from various suppliers and sells the products in its retail stores. During July 2020, the following changes in a particular model of inventory took place:

1 July An opening balance of 1,400 units purchased at $24 per unit

10 July Purchased 600 units at $28.25 per unit

15 July Sold 1,500 units at $50 per unit

24 July Purchased 700 units at $30 per unit

Required:

Calculate the cost of goods sold and ending inventory for July 2020 if CORE Limited adopts the following cost flow assumptions (round to the nearest cent).

a. First-in, First out (FIFO) (3 marks)

b. Weighted average (3 marks)

c. Moving average (4 marks)