Shanrock Company uses the periodic inventory method and had the following inventory information available.

A physical count of inventory on December 31 revealed that there were 400 units on hand.

Answer the following independent questions and show computations supporting your answers.

		Units		Unit Cost	Total Cost
Jan.1	Beginning Inventory	100	x	$4	400
Jan.20	Purchase	400	x	$6	2,400
Jul.25	Purchase	200	x	$7	1,400
Oct.20	Purchase	300	x	$8	2,400
	COGS Available	1,000			6,600

1. If the company uses the FIFO inventory cost method, determine the value of ending inventory at December 31 and the amount reported as cost of goods sold on the income statement.

FIFO: Ending Inventory

FIFO: Cost of Goods Sold

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2. If the company uses the LIFO inventory cost method, determine the value of ending inventory at December 31 and the amount reported as cost of goods sold on the income statement.

LIFO: Ending Inventory

LIFO: Cost of Goods Sold

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3. If the company uses the Average Cost inventory cost method, determine the value of ending inventory at December 31 and the amount reported as cost of goods sold on the income statement.

Average Cost Rate:

Ending Inventory:

Cost of Goods Sold: