Part 2 -McCubbin Company uses the periodic inventory system to account for inventories. Information related to McCubbin Company's inventory at October 31 is given below:

October 1 Beginning inventory 300 units @ $10.00 = $ 3,000

8 Purchase 900 units @ $10.40 = 9,360

16 Purchase 500 units @ $10.80 = 5,400

24 Purchase 300 units @ $11.60 = 3,480

Total units and cost 2,000 units $21,240

Instructions

1. Show calculations to value the ending inventory using the FIFO cost assumption if 600 units remain on hand at October 31.

2. Show calculations to value the ending inventory using the weighted average cost method if 600 units remain on hand at October 31.

3. Show calculations to value the ending inventory using the LIFO cost assumption if 600 units remain on hand at October 31.