Part A) Sheridan Company uses a periodic inventory system and reports the following for the month of June.

Date	Explanation	Units	Unit Cost	Total Cost
June 1	Inventory	130	$5	$650
12	Purchase	360	6	2,160
23	Purchase	220	7	1,540
30	Inventory	223

Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to 0 decimal places, e.g. 5,123)

	FIFO	LIFO	Average-cost
Cost of the ending inventory	$	$	$
Cost of goods sold	$	$	$

Part B) Which costing method gives the highest ending inventory? The highest cost of goods sold?

1. Highest ending inventory: FIFO, LIFO, or average-cost method
2. Highest cost of goods sold: FIFO, LIFO, or average-cost method