SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. 7) Given the following data, calculate the ending inventory and cost of goods sold using the FIFO, LIFO and Weighted Average costing methods. (6 marks) Date Item Unit Cost $ 1-Jan Beginning inventory 35 units at $12 per unit 420 $ 25-Feb Purchase of inventory 15 units at $13 per unit 195 20-May Purchase of inventory 25 units at $14 per unit $ 350 $ 15-Aug Purchase of inventory 25 units at $15 per unit 375 $ 17-Oct Purchase of inventory 25 units at $17 per unit 425 Total Inventory $ 125 units 1,765 31-Dec Ending inventory 50 units Units Sold 75 units Total Units 125 units