Problem 3

The beginning inventory balance of item A and the purchase during December were as follows:

Beginning inventory 450 units @1.00

Dec. 5^th purchase 1,500 units @1.10

Dec. 15^th purchase 900 units @1.12

Dec. 22^nd purchase 900 units @1.16

Dec. 29^th purchase 450 units @1.25

The ending inventory consisted of 675 units. Determine a) the cost of goods available for sale. B) the cost of the ending inventory . c) the cost of goods sold based on the following periodic methods of inventory valuation:

A) FIFO

B) LIFO

C) Weighted Average Method