Response to the following problem:
The MegaPixel Company Ltd. had the following inventory transactions for the month of December:
Dec. 1 Opening Inventory 20 units @ $4.60
8 Purchased 80 units @ $5.00
15 Purchased 40 units @ $5.30
22 Purchased 60 units @ $5.60
31 Purchased 40 units @ $5.50
By December 31, 190 of the units had been sold by MegaPixel. Assume the company uses the periodic inventory system.
Required: Calculate the cost of the ending inventory using each of
1. FIFO
2. Specific identification (assume the most recent purchases are sold first)
3. Weighted average.