Kelso Electrical's inventory records for industrial switches indicate the following at November 30, 2014:
Nov. 1 Beginning inventory .......................... 14 units at $160
8 Purchase .............................................. 4 units at $170
15 Purchase ............................................. 11 units at $180
26 Purchase ............................................. 5 units at $190
The physical count of inventory at November 30, 2014, indicates that six units remain in ending inventory, and the company owns them.
Required
Compute ending inventory and cost of goods sold using each of the following methods, assuming the periodic inventory system:
1. Specific-unit cost, assuming three $170 units and three $180 units are on hand on November 30, 2014.
2. Weighted-average cost.
3. First-in, first-out (FIFO).