Anabtawi Company uses the periodic inventory method and had the following inventory information available: ( 8 points) Date Explanation Number of Units Unit Cost Total Cost

January 1 Beginning inventory 100 $4 $400 January 20 Purchase 400 $5 $2,000 July 25 Purchase 300 $6 $1,800 October 20 Purchase 200 $7 $1,400 Total

1000

$5,600 A physical count of inventory on December 31 revealed that there were 300 units on hand.

Assume that the company uses the LIFO method. The ending Inventory amount is $ Answer 1 Assume that the company uses the FIFO method. The Ending Inventoryamount is $

Answer 2 Assume that the company uses the Lifo method and the selling price of the unit was $10 what is the Gross profit $

Answer 3 Assume that the company uses the Average Cost method. The value of the Cost of Goods Sold on December 31 is $