Suppose a technology company's inventory records for a particular computer chip indicate the following at October 31:

oct.	1	Beginning inventory	5 units @	$160	=	$ 800
	8	Purchase	4 units @	160	=	640
	15	Purchase	11 units @	170	=	1870
	26	Purchase	5 units @	180	=	900

1. The physical count of inventory at october 31 indicates that 8 units of inventory are on hand.

Requirements:

Compute ending inventory and cost of goods sold using each of the following methods, using the periodic inventory system. Round all amounts to the nearest dollar.

1. Specific unit cost, assuming four $160 units and four $170 units are on hand

2. Weighted-average cost

3. First in,first out cost