18 points)

The ABC Company has the following inventory records:

2/1 Beginning balance 5@ $60 $300

2/5 Purchase 20@ 50 1,000

2/10 Sale 21

2/17 Purchase 12@ 40 480

2/23 Sale 14

2/25 Purchase 13@ 30 390

3/10 Purchase 16@ 20 320

3/15 Sale 30

3/19 Purchase 9@ 10 90

Required: For the above data set, please answer the following questions. Use the periodic inventory method. Compute, for each month separately, the cost of goods sold, using

FIFO

LIFO

Weighted average