The following transactions took place in Simco Limited during the year ended December 31, 2022:

Purchase #1 Purchase #2 Purchase #3 Purchase #4

2,000 units @ $0.50 1,000 units @ $1.00 500 units @ $2.00 1,000 units @ $2.50

There was no opening inventory. On December 31, 2023, 2,500 units were sold for $3.00 each.

For specific identification purposes, the items sold were:

1,200 units of purchase #1

300 units of purchase #3

1,000 units of purchase #4

Required:

Req 1: Calculate the cost of ending inventory under each of the following costing methods and show detailed working:

1 a) FIFO

1 b) Specific identification

1 c) Weighted average

Req 2: Complete the following calculations:

	FIFO		Spec. Ident.		Weighted. Avg.
Sales
Cost of goods sold
Gross profit