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Flashy Ltd uses the periodic inventory method and had the following inventory information available: Inventory information Units Unit cost 1/1 Beginning inventory 600 $4.40 20/1

Flashy Ltd uses the periodic inventory method and had the following inventory information available:

Inventory information
Units Unit cost
1/1 Beginning inventory 600 $4.40
20/1 Purchase 150 $4.00
25/7 Purchase 450 $4.80
20/10 Purchase 200 $4.20

A physical count of inventory on 31 December revealed that there were 400 units on hand. Ignore GST.

Required:

Answer the following independent questions.

1. Assume that the company uses the LIFO method. The value of the cost of sales at 31 December is $__________.

2. Assume that the company uses the average cost method. The value of the ending inventory on 31 December is $__________.

3. Assume that the company uses the FIFO method. The value of the cost of sales on 31 December is $__________.

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