Periodic Inventory Systems
Funky Fashions Uses a Periodic Inventory System

Periodic inventory systems
Funky Fashions uses a periodic inventory system. The beginning inventory of a particular product, and the purchases during the current year, were as follows:
$\begin{array}{l|l|r|r}\hline \text { 1 Jan } & \text { Beginning inventory } & 400 \text { units } @ \$ 7.00= & \$ 2,800 \\\hline \text { 15 Feb } & \text { Purchase } & 1,000 \text { units } @ \$ 7.50= & 7,500 \\\hline \text { 30 June } & \text { Purchase } & 1,400 \text { units } @ \$ 8.00= & 11,200 \\\hline 25 \text { Nov } & \text { Purchase } & 1,200 \text { units } @ \$ 8.25= & 9,900 \\\hline & \text { Total available for sale in year } & 4,000 \text { units } & \$ 31,400 \\\hline\end{array}$
At 31 December, the ending inventory of this product consisted of 1,300 units.
Determine the cost of the year-end inventory and the cost of goods sold for this product under each of the following methods of inventory valuation:
$$\begin{array} { | l | l | l | l | } \hline & & \text { Inventory at 31 Dec } & \text { Cost of Goods Sold } \\\hline \text { (a) } & \text { Weighted average cost } & \$\underline{\quad\quad} & \$ \underline{\quad\quad}\\\hline \text { (b) } & \text { First-in, first-out } & \$\underline{\quad\quad} & \$ \underline{\quad\quad}\\\hline & & & \\\hline\end{array}$$