1. Jeters Company uses a periodic inventory system and reports the following for the month of September.

Date	Explanation	Units	Unit Cost	Total Cost
9/1	Inventory	120	$5	$ 600
9/12	Purchases	370	6	2.220
9/23	Purchases	200	7	1,400
9/30	Inventory	230

Instructions

1. Compute the cost of ending inventory and the cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round average unit cost to three decimal places)
2. Which costing method gives the highest ending inventory? The highest cost of goods sold? Why?
3. How do the average-cost values for ending inventory and cost of goods sold relate to ending inventory and cost of goods sold for FIFO and LIFO?
4. Calculate Inventory Turnover Ratio and Days in Inventory under FIFO, LIFO, and average-cost methods.
5. Calculate LIFO reserve (the difference between ending inventory using LIFO and ending inventory using FIFO) .