Weighted Average Inventory Costing Method

Listed below is information from Datar Company regarding the beginning inventory, purchases and sales of one item of inventory for the month of January.

Jan 1 Beginning Inventory	12 units at $20 each
Jan 15	Purchased 20 units at $22 each
Jan 29	Sold 18 units

Fill in the chart below by computing Cost of Goods Sold for January and the value of inventory reported on the Jan 31 balance sheet. Show the correct amounts for the FIFO and LIFO inventory methods. Be sure to show your calculations.

	Weighted Average
Cost of Goods Sold reported on the January Income statement
Inventory value on the Jan 31 balance sheet

* please explain your answers