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Concord Corporation Inc. had a beginning inventory of 100 units of Product RST at a cost of $6 per unit. During the year, purchases were:

Concord Corporation Inc. had a beginning inventory of 100 units of Product RST at a cost of $6 per unit. During the year, purchases were:

Feb. 20 585 units at $7 Aug. 12 405 units at $9
May 5 495 units at $8 Dec. 8 100 units at $10

Concord Corporation uses a periodic inventory system. Sales totaled 1,570 units. Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to 0 decimal places, e.g. 5,125.)

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