Inventory by Three Methods; Cost of Goods Sold

The units of an item available for sale during the year were as follows:

Jan. 1

Inventory

21 units at $1,800

May 15

Purchase

29 units at $1,950

Aug. 7

Purchase

10 units at $2,040

Nov. 20

Purchase

15 units at $2,100

There are 18 units of the item in the physical inventory at December 31.

Determine the cost of ending inventory and the cost of goods sold by three methods, presenting your answers in the following form:

Cost

Inventory Method

Ending Inventory

Cost of Goods Sold

a. First-in, first-out method

$

$

b. Last-in, first-out method

$

$

c. Weighted average cost method

$

$