Scoresby Inc. tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31.

Transactions

Units

Unit Cost

a. Inventory, Beginning

1,500

$

26

For the year:

b. Purchase, March 5

7,500

27

c. Purchase, September 19

3,500

29

d. Sale, April 15 (sold for $71 per unit)

2,300

e. Sale, October 31 (sold for $74 per unit)

6,500

f. Operating expenses (excluding income tax expense), $402,000

Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost.

	Cost of Ending Inventory	Cost of Goods Sold
FIFO
LIFO
Weighted Average Cost