At the beginning of the current period, Kiraat Industries, which uses a periodic inventory system, has 150 units of a product with a unit cost of $480. The inventory records report the following transactions:

	Units	Unit Cost	Cost
Beginning Inventory	150	$480	$72,000
Purchase #1	150	$528	79,200
Purchase #2	70	$570	39,900
Purchase #3	30	$630	18,900
		400	$210,000

During the current period, Kiraat sells 340 units.

Required:

a. Assume Kiraat uses the FIFO method. Compute the cost of goods sold for the current

period and the ending inventory balance for this product.

b. Assume Kiraat uses the LIFO method. Compute the cost of goods sold for the current

period and the ending inventory balance for this product.

c. Assume Kiraat uses the weighted-average cost method. Compute the cost of goods sold

for the current period and the ending inventory balance for this product.

d. Determine the LIFO reserve and the end of the year.