Part A (3 marks)

Silver Traders uses the periodic inventory method and had the following inventory information available in January:

		Units	Unit cost
1/1	Beginning inventory	1 500	$4.00
10/1	Purchase	6 000	$4.40
20/1	Purchase	3 000	$4.20
25/1	Purchase	4 500	$4.80

A physical count of inventory on 31 January revealed that there were 5000 units on hand. Ignore GST.

Required:

Answer the following independent questions.

1) Assume that the company uses the FIFO method. The value of the ending inventory at 31 January is $__________. (1 mark)

2) Assume that the company uses the weighted average cost method. The value of the cost of sales on 31 January is $__________. (1 mark)

3) Assume that the company uses the LIFO method. The value of the cost of sales on 31 January is $__________. (1 mark)