Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, December 31, 2015, the accounting records for the most popular item in inventory showed the following;

Transactions Units Unit Cost

Beginning Inventory Jan 1, 2015 400 $3.00

Transactions during 2015:

a) Purchase, Jan 30 300 $3.40

b) Purchase, May 1 460 $4.00

c) Sale ($5 each) (160)

d) Sale ($5 each) (700)

Compute the amount of goods available for sale.

Goods available for sale _____________

Compute the amound of ending inventory and cost of goods sold at December 31, 2015 under Average cost, First-in, first-out, Last-in, first-out, Sprecific identification of the inventory costing methods. Specific identification: assuming that the first sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of Jan 30, 2015. Assume that the second sale was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1, 2015. (Do not round intermediate calculations. Round "Specific Identification" to 2 decimal places.)

	Average Cost	First-In, First Out	Last-In, First-Out	Specific Identification
Ending Inventory
Cost of goods sold