Clear Sound Audio uses a periodic inventory system. One of the stores most popular products is an MP8 car stereo system. The inventory quantities, purchases, and sales of this product for the most recent year are as follows.

	Number of Units		Cost per Unit				Total Cost
Inventory, Jan. 1	12		$	299			$	3,588
First purchase (May 12)	15			306				4,590
Second purchase (July 9)	21			308				6,468
Third purchase (Oct. 4)	8			315				2,520
Fourth purchase (Dec. 18)	17			320				5,440
Goods available for sale	73						$	22,606
Units sold during the year	51
Inventory, Dec. 31	22

Required:

a. Using periodic costing procedures, compute the cost of the December 31 inventory and the cost of goods sold for the MP8 systems during the year under each of the following cost flow assumptions. (Round your unit cost values to 2 decimal places and final answers to the nearest whole dollar amount.)

		December 31 Inventory	Cost of Goods Sold
1.	First-in, first-out
2.	Last-in, first-out
3.	Average cost