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

UnitsUnit costTotal cost

1 JanuaryBeginning inventory15$4.00$60

20 JuanuaryPurchase60$4.40264

25 JulyPurchase30$4.20126

20 OctoberPurchase45$4.80216

150$666

A physical count of inventory on 31 December revealed that there were 50 units on hand.

Instructions

Answer the following independent questions and show computations supporting your answers.

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