Steve Smith has the following inventory purchases and issues

Purchases

February 500 units @ $ 30 per unit

September 500 units @ $ 32 per unit

November 500 units @ $ 34 per unit

Sales

December:1000 units @ $ 40 per unit

Calculate the sale, cost of sales, gross profit and ending inventory for the year using:

1-The FIFO method ( 0.75 marks)

2-The AVCO method ( 0.75 marks)

3-The LIFO method ( 0.75 Marks)