The following information relates to the inventory of Margaret's Megamart Ltd during December. Ignore GST.

Date

Units

Units cost

Total cost

1/12

Beginning inventory

700

$ 12.00

$ 8,400

10/12

Purchase

500

12.60

6,300

15/12

Purchase

300

13.20

3,960

23/12

Purchase

500

14.00

7,000

Totals

2,000

$25,660

Margaret's Megamart Ltd uses the periodic inventory system. A physical count on 31 December verified that 650 units were on hand.

Required:

a)Determine the Ending inventory and Cost of Sales for the month of December, using the FIFO costing method.

b)Determine the Ending inventory and Cost of Sales for the month of December, using the weighted average costing method