Question 6.6 (Total: 22 marks; part 1: 6 marks; pert 2: 6 marks; part 3: 10 marks)

Alpha Corporation began operations on December 1, 2019. The only inventory transaction in 2019 was the purchase of inventory on December 10, 2019, at a cost of $20 per unit. None of this inventory was sold in 2019. Relevant information for fiscal 2020 is as follows:

Ending inventory units:		Total
December 31, 2019		100
December 31, 2020 by purchase date
December 2, 2020	100
July 20, 2020	30	130

During 2020, the following purchases and sales were made:

Purchases		Sales
March 15	300 units @ $24 per unit	April 10	200
July 20	300 units @ $25 per unit	August 20	300
September 4	200 units @ $28 per unit	November 18	170
December 2	100 units @ $30 per unit	December 12	200

The company uses the periodic inventory method.

Determine the ending inventory under the following (rounding to 2 decimal places):

Required

1. Specific identification

2. FIFO

3. Weighted average cost