1. The units of an item available for sale during the year were as follows: January 11 Inventory 60 units @ $145 February 27 Purchase 90 units @ $150 November 21 Purchase 75 units @ $154 There are 48 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the cost of goods sold and ending inventory cost by (a) the first-in, first-out method, (b) the last-in, first-out method, and (c) the average cost method. Show your work. ANSWER PROBLEM 1: COGS Ending Inventory FIFO LIFO Weighted average cost