Inventory by Three Methods

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

Jan.1

Inventory

27 units at $400

Feb. 19

Purchase

54 units at $460

June 8

Purchase

63 units at $520

Oct. 7

Purchase

56 units at $550

There are 45 units of the item in the physical inventory at December 31.

Determine the cost of ending inventory using (a) the first-in, first-out method, (b) the last-in, first-out method, and (c) the average cost method.

Inventory Cost

a. First-in, first-out method

$

b. Last-in, first-out method

$

c. Average cost method

$