The records of Colchester Corporation showed the following transactions, in the order given, relating to an inventory item:

	Units		Unit Cost
Inventory (beginning)	300		$6.90
Purchase	600		7.20
Sale (at $15)	400
Purchase	500		7.50
Sale (at $15)	900
Purchase	1100		7.60

Required:

1. Determine the amounts for the following cost flow assumptions (round unit costs to the nearest cent; show computations), assuming a periodic inventory system (6 marks) :

Cost Flow assumption	Cost of Ending Inventory	Cost of Goods sold
FIFO
Weighted Average