mike Ltd uses the periodic inventory method and had the following inventory information available:

Date Detail Units Unit Cost

1/2/2020 Inventory 4500 90

5/2/2020 Purchase 6000 94

14/2/2020 Purchase 2500 99

19/2/2020 Purchase 1300 98

A physical count of inventory on 28 February 2020 revealed that there were 1500 units on hand. Ignore GST.

Required:

Answer the following independent questions. Round all answers to nearest $.

1. Assume that the company uses the FIFO method. The value of the ending inventory at 28 February 2020 is $__________.

2. Assume that the company uses the average cost method. The value of the ending inventory on 28 February 2020 is $__________.

3. Assume that the company uses the LIFO method. The value of the cost of sales on 28 February 2020 is $__________.