Sim Supplies tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, 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
Beginning inventory, January 1			230		$	26
Transactions during the year:
a.	Purchase on account, March 2		370			28
b.	Cash sale, April 1 ($42 each)		(380	)
c.	Purchase on account, June 30		280			32
d.	Cash sale, August 1 ($42 each)		(80	)

TIP: Although the purchases and sales are listed in chronological order, Sim determines the cost of goods sold after all of the purchases have occurred.

a. Last-in, first-out. LIFO (Periodio Cost per Total Units Unit Beginning Inventory 0 Purchases March 2 June 30 Total Purchases 0 0 Goods Available for Sale Cost of Goods Sold Units from Beginning Inventory Units from March 2 Purchase Units from June 30 Purchase Total Cost of Goods Sold 0 0 Ending Inventory b. Weighted average cost. eighted Average Cost (Periodic Cost per Total Units Unit Beginning Inventory 0 Purchases March 2 June 30 otal Purchases Goods Available for Sale Cost of Goods Sold Ending Inventory 0