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West Group Ltd. (WGL) provided the following inventory information for January 2020: Number of units Price paid per unit Purchase January 1 500 $50 Purchase

West Group Ltd. (WGL) provided the following inventory information for January 2020:

Number of units

Price paid per unit

Purchase January 1

500

$50

Purchase January 15

1,000

$60

Purchase January 25

2,000

$70

WGL had NO units on hand at the beginning of January 2020. On January 31, 2020, WGL sold 1,500 units of inventory for $100 each to customers.

Required:

a) Calculate WGL's cost of goods sold for January 2020 using the weighted average method of valuing inventory. (3.5 marks)

b) Calculate WGL's inventory balance at January 2020 using the first-in, first-out method of valuing inventory. (2.5 marks)

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