1.The firm had a beginning inventory of 70 units with a unit cost of $12. Purchases during the year were as follows: March70 units with a unit cost of $14; July100 units with a unit cost of $16. Assuming a periodic inventory system and the average cost method is used, the value of the ending inventory of 60 units is: (Round to two decimal places.)

2. A company reported the following information regarding its inventory:

Beginning inventory: cost of $24,000; retail of $48,000 Net purchases: cost $55,200; retail $110,400 Sales at retail: $60,000

The year-end inventory showed $98,400 worth of merchandise available at retail prices. What is the cost of the ending inventory?

3. A firm that uses a periodic inventory system sells a single product that had a beginning inventory of 4,000 units with a total cost of $20,000. Early in the year, 8,600 units were purchased at $7 each and 3,000 units were on hand at the end of the year. Using FIFO, what is the amount of Cost of Goods Sold?