Periodic Inventory Systems
Tres Chic Uses a Periodic Inventory System

Periodic inventory systems
Tres Chic uses a periodic inventory system. The beginning inventory of a particular product, and the purchases during the current year, were as follows:
$\begin{array}{|c|l|l|c|}\hline 1 \text { Jan } & \text { Beginning inventory } & \text { 1,000units@\$14.00= } & \$ 14,000 \\\hline 9 \text { Mar } & \text { Purchase } & \text { 1,050units @ \$14.50= } & 15,225 \\\hline 11 \mathrm{Alg} & \text { Purchase } & 950 \text { units@\$15.00= } & 14,250 \\\hline 23 \mathrm{Dec} & \text { Purchase } & 500 \text { units @ \$15.75= } & 7,875 \\\hline & \text { Total available for sal } & 3 . \overline{500} \text { units } & \$51.350 \\\hline\end{array}$
At 31 December, the ending inventory of this product consisted of 850 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 (Rounded to 2 decimal points):
$\begin{array}{|l|l|l|l|}\hline & & \text { Inventory at 31 Dec } & \text { Cost of Goods Sold } \\\hline \text { (a) } & \text { Weighted average cost } & \$ \_\_\_\_& \$\_\_\_\_ \\\hline \text { (b) } & \text { First-in, first-out } & \$ \_\_\_\_& \$\_\_\_\_ \\\hline & & & \\\hline\end{array}$