Kane Ltd. had a beginning inventory on January 1 of 25 units of product SXL at a cost of $160 per unit. During the year, purchases were as follows:

Kane uses a periodic inventory system. At the end of the year, a physical inventory count determined that there were 20 units on hand.
Instructions
(a) Determine the cost of goods available for sale.
(b) Determine the cost of the ending inventory and the cost of the goods sold using
(1) FIFO and
(2) Average cost. (Use unrounded numbers in your calculation of the average unit cost but round to the nearest cent for presentation purposes in your answer.)

Units 70 50 45 10 Total Cost Mar. 15 July 20 Sept. 4 Dec. 2 Unit Cost $150 145 135 125 $10,500 7,250 6,075 1,250