Irish Company uses the periodic inventory method and had the following inventory information available:

Units Unit Cost Total Cost

1/1 Beginning Inventory 100 $5 $ 500

1/20 Purchase 400 $6 2,400

7/25 Purchase 200 $7 1,400

10/20 Purchase 300 $8 2,400

1,000 $6,700

A physical count of inventory on December 31 revealed that there were 480 units on hand.

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

1. Assume that the company uses the FIFO method. How much is the value of the ending inventory at December 31? How much is the cost of goods sold?

2. Assume that the company uses the Average-Cost method. How much is the value of the ending inventory on December 31? How much is the cost of goods sold?

3. Assume that the company uses the LIFO method. How much is the value of the ending inventory on December 31? How much is the cost of goods sold?