Part A

Amy's Art Shop kept all inventory and sales records on the basis of retail prices. It recorded purchases at cost and marked up its merchandise at 179% of cost. On January 1, its inventory of art was $266,000. During the year, its purchases were $323,000 and net sales were $756,000. What was its ending inventory? $_______

Part B

The Sanberg Company had 337 units on hand at the beginning of the year, with a unit cost of $5.00. The number of units purchased and the unit cost and the number of units sold during the year are shown. What would be the value of the ending inventory of 364 units based on the (a) average cost; (b) first-in, first-out; and (c) last-in, first-out costing methods? Round interim calculations and final answers to two decimal places.

Date		Units Purchased		Unit Cost		Units Sold		Units on Hand
Jan. 1				$5.00				337
Feb. 2						197		140
Apr. 16		196		$5.13				336
June 10		296		$5.21				632
Aug. 5						295		337
Oct. 12		248		$5.12				585
Nov. 27						221		364

a. Average cost	$_______
b. First-in, first-out	$_______
c. Last-in, first-out	$_______