Johnson Company reports the following for the month of June.

Date			Explanation		Units			Unit Cost			Total Cost
June	1		Inventory		225			$5			$1,125
	12		Purchase		525			6			3,150
	23		Purchase		750			7			5,250
	30		Inventory		280

Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average cost. (Round average cost per unit to 2 decimal places, e.g. 5.25 and final answers to 0 decimal places, e.g. 2,520.)

		FIFO		LIFO		AVERAGE COST
Ending inventory
Cost of goods sold		$		$		$

Which costing method gives the highest ending inventory? The highest cost of goods sold?

Average costLIFOFIFO	costing method gives the highest ending inventory.
Average costFIFOLIFO	method will produce the highest cost of goods sold.