The inventory records of McDonalds Corporation reflected the information shown below for the month of August.

Date	Transaction	Units	Cost/Unit
8/1	Beginning Inventory	400	$5
8/3	Purchase	400	$5
8/5	Sale	600
8/7	Sale	100
8/11	Purchase	1,000	$7
8/17	Sale	700
8/19	Purchase	1,000	$7
8/21	Sale	600
8/28	Sale	600
8/29	Purchase	1,200	$9
8/30	Ending Inventory

Determine the amount of ending inventory and cost of goods sold at the end of August under each of the cost flow assumption methods listed below.

What would be the Ending Inventory under the Average Cost method?

What would be the Cost of Goods Sold under the Average Cost method?

What would be the Ending Inventory under the FIFO method?

What would be the Cost of Goods Sold under the FIFO method?

What would be the Ending Inventory under the LIFO method?

What would be the Cost of Goods Sold under the LIFO method?

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