Aranas Manufacturing, a tool retailer, began year 20x7 with 21,500 units of product in its January 1 inventory, at a cost of $12.50 for each unit. It made successive purchases of its product in year 20x7, as follows. The company uses a periodic inventory system. On December 31, 20x7, a physical count reveals that 35,000 units of its product remain in inventory. Mar. 7 25,000 units @ $16 each May 25 41,500 units @ $19 each Aug. 1 22,750 units @ $23 each Nov. 10 38,100 units @ $24 each Instructions Using the template provided below. Compute the amounts assigned to the 20x7 ending inventory, and the cost of goods sold for FIFO, LIFO, and weighted average.

	Units	Cost	Total
Beginning	21,500	12.5	268750
Purchases:
March 7	25000	16	400000
May 25	41500	19	788500
August 1	22750	23	523250
November10	38100	24	914400
Units available for sale	148,850		$ 2,894,900.00
Ending units	Unit Cost	FIFO	LIFO	Weighted Average
Comparative Income Statement		FIFO	LIFO	Weighted Average
Sales
Cost of goods sold
Gross Profit