Given the following information about purchases and sales during the year, compute the cost to be assigned to ending inventory under each of three methods: (a) average-cost, (b) FIFO, and (c) LIFO. (Show your work.)

Assume that a periodic inventory system is used.

Jan.	1		Beginning inventory	225 items @ $3 =	$ 675
May	1		Purchases	675 items @ $6 =	4,050
			Totals	900 items	$4,725
			Total sales	450 items
Dec.	31		Ending inventory	450 items