Periodic inventory by three methods; cost of goods sold

The units of an item available for sale during the year were as follows:

Jan. 1 Inventory 40 units at $98

Mar. 10 Purchase 40 units at $108

Aug. 30 Purchase 20 units at $114

Dec. 12 Purchase 100 units at $120

There are 40 units of the item in the physical inventory at December 31. The periodic inventory system is used.

Determine the ending inventory cost and the cost of goods sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar.

Cost of Ending Inventory and Cost of Goods Sold

Inventory Method Ending Inventory Cost of Goods Sold

First-in, first-out (FIFO) $_______________ $_______________

Last-in, first-out (LIFO) ________________ ________________

Weighted average cost ________________ _________________