Sheffield 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 30 110 $20 $2,200 15 10624 Net 30 70 20 1,400 Mar. 15 11437 1/5, net 30 70 16 1,120 June 20 21332 1/10, net 30 100 15 1,500 Sept. 12 27644 1/10, net 30 92 12 1,104 Nov. 24 31269 1/10, net 30 84 11 924 Totals 526 $8,248 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 Sheffield 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. X Your answer is incorrect. Calculate the December 31, 2020 inventory using the FIFO formula. (Round answer to 2 decimal places, e.g. 52.75.) Ending inventory $ 1116 e Textbook and Media Save for Later Attempts: 2 of 3 used Submit Answer (b) 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 $ e Textbook and Media Save for Later Attempts: 0 of 3 used Submit