The college campus bookstore uses a periodic inventory system. The bookstore purchases 445 copies of a textbook at $70 each in June, 975 copies in August at $72 each, and 610 copies in December at $75 each. The bookstore sold 1,870 copies of the textbook during the year.

Required:

Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods.

A. FIFO 1. Cost of Goods Sold 2. Ending Inventory

B. LIFO 1. Cost of Goods Sold 2. Ending Inventory

C. Weighted Average Cost Method 1. Cost of Goods Sold 2. Ending Inventory