Computing Cost of Sales and Ending Inventory Stocken Company has the following financial records for the current period.

	Units	Unit Cost
Beginning Inventory	150	$ 50
Purchases: #1	600	48
#2	500	46
#3	250	45

Ending inventory is 350 units. Compute the ending inventory and the cost of goods sold for the current period using (a) first-in, first out, (b) average cost, and (c) last-in, last out. (Hint: For average cost, round average cost per unit to two decimal places for calculation of ending inventory. Round to the nearest whole number. Cost of goods sold = Cost of goods available for sale less ending inventory.)

(a) First-in, first-out
Ending inventory	$Answer
Cost of goods sold	$Answer
(b) Average cost
Ending inventory	$Answer
Cost of goods sold	$Answer
(c) Last-in, first-out
Ending inventory	$Answer
Cost of goods sold	$Answer