Sharp Beverage Distributors specializes in soft drinks. The business began operations on January \(1,19 \mathrm{X} 1\), with an inventory of 500 cases of drinks that cost \(\$ 2.01\) each. During the first month of operations the store purchased inventory as follows:

The ending inventory consists of 500 cases of drinks.
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1. Complete the following tabulation, rounding average cost to the nearest cent and all other amounts to the nearest dollar:

2. Compute the amount of inventory profit under FIFO.
3. Which method produces the most current ending inventory cost? Which method produces the most current cost-of-goods-sold amount? Give the reason for your answers.

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Purchase no. I Purchase no. 2 60 @ $2.10 120 @ 2.35 Purchase no. 3 Purchase no. 4. 600 @ 2.50 40 @ 2.95