1. 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	30 units at $118
   Mar. 10	Purchase	60 units at $128
   Aug. 30	Purchase	30 units at $136
   Dec. 12	Purchase	80 units at $142

   There are 60 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)	$fill in the blank 1	$fill in the blank 2
   Last-in, first-out (LIFO)	fill in the blank 3	fill in the blank 4
   Weighted average cost	fill in the blank 5	fill in the blank 6