3.Whole Foods Market had a beginning inventory on January 1 of 100 units of Product at a cost of $15 per unit. During the year, the following purchases were made.

February 15: 200 units at $13

April 4: 250 units at $16

July 20: 150 units at $14

December 16: 100 units at $12

580 units were sold. Whole Foods Market uses a periodic inventory system.

Instructions

Determine (1) the ending inventory, and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO). (5*2=10)