Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, December 31, 2012, the accounting records for the most popular item in inventory showed the following:

	Transactions	Units	Unit Cost
Beginning inventory, January 1, 2012		391	$ 2.70
Transactions during 2012:
a.	Purchase, January 30	601	2.90
b.	Purchase, May 1	457	3.20
c.	Sale ($5.4 each)	(160)
d.	Sale ($5.4 each)	(696)

Compute the ending inventory and cost of goods sold under Average cost, First-in, first-out, Last-in, first-out, Specific 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 January 30, 2012. Assume that the second sale was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1, 2012.