1. XYZ Company is a startup company, and it has purchased inventory as follows:

Date	Quantity	Price
2/1/16	1000	1.05
3/1/16	500	1.10
5/1/16	800	1.00
6/1/16	1500	.90
7/1/16	2500	1.02
8/1/16	750	1.15

Assume you have sold 2,250 units in 2016.

Given that fact, how much would inventory be valued on the balance sheet under the following methods and how much Cost of Goods Sold would be recognized as well?

a. LIFO Method

b. FIFO Method

c. Average Cost Method