The following data relate to inventory for the year ended December 31, 2001. A physical inventory on December 31, 2001, indicates that 600 units are on hand and that they came from the July 1 purchase.

Number Cost of Per Total Date Description Units Unit Cost January 1 Beginning inventory 1,000 $4.00 $ 4,000 February 20 Purchase 800 4.50 3,600 April 1 Purchase 900 4.75 4,275 July 1 Purchase 700 5.00 3,500 October 22 Purchase 500 4.90 2,450 December 10 Purchase 500 5.00 2,500 4,400 $20,325 Required Compute the cost of goods sold for the year ended December 31, 2001, and the ending inventory under the following cost assumptions:

a. First-in, first-out (FIFO)

b. Last-in, first-out (LIFO)

c. Average cost (weighted average)

d. Specific identification