Ray's Farm Store recorded the following purchases and sales of fertilizer during the past year:

Assume that Ray's Farm Store sold all of the June 1 5 purchase and 200 cases each from the January 1 beginning inventory, the October 1 5 purchase, and the December 1 5 purchase. Determine the costs that should be assigned to ending inventory and cost of goods sold under each of the following assumptions: (1) costs are assigned by the specific identification method; (2) costs are assigned by the average-cost method; (3) costs are assigned by the FIFO method; (4) costs are assigned by the LIFO method. What con- clusions can be drawn about the effect of each method on the income statement and the balance sheet of Ray's Farm Store? Round your answers to the nearest whole number and assume the periodic inventory system.

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Jan. 1 Beginning inventory Feb. 25 Purchased June 15 Purchased Aug. 15 Purchased Oct. 15 Purchased Dec. 15 Purchased Total goods available for sale Total sales Dec. 31 Ending inventory 250 cases @ $23 $ 5,750 100 cases @ $26 400 cases @ $28 2,600 11,200 100 cases @ $26 2,600 300 cases @ $28 8,400 200 cases @ $30 6,000 1,350 $36,550 1,000 cases 350 cases