Refer to the table below. Assume that 500 units were sold during the year. Calculate COGS and the cost

of ending inventory using FIFO, LIFO and weighted average.

Purchase Date Transaction Units Cost Total Cost

January 1 Beginning Inventory 400 $5 $2,000

March 2 Purchase 600 $6 $3,600

July 9 Purchase 400 $7 $2,800

November 4 Purchase 200 $8 $1,600

FIFO LIFO Weighted Average

Cost of Goods Sold: Cost of Goods Sold: Cost of Goods Sold:

Ending Inventory: Ending Inventory: Ending Inventory: