1. Calculate the following, and place the calculated solution on the appropriate line. In all cases, assume the companies that are the subject of the question are US corporations using US GAAP.

1. Berful sells a product. It had one item in beginning inventory that cost $60,000, and purchased two more--one for $70,000, and later, one for $80,000. If two of the three items were sold this year, determine the cost of ending inventory under the following cost flow assumptions.

FIFO ______________

LIFO ______________

Weighted Average ____________