Analyzing the Effects of Four Alternative Inventory Methods $($AP$7-1)$

Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, December $31,2015,$ the accounting records for the most popular item in inventory showed the following:

$\backslash$table$[[$Transactions$,$Units,Unit Cost$],[$Beginning inventory, January $1,2015,400,$$$3\mathrm{.}00$