The Peterson Company uses the periodic inventory system. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted-average methods. Peterson sells only one product, called SM57.

Units Cost per Unit'

January 1 Beginning inventory 56 $7

March 18 Purchased 14 8

August 19 Purchased 40 10

November 8 Purchased 54 11

Ending inventory is 59 units.

Complete each table to calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted-average methods. (Round the weighted-average cost per unit to the nearest cent and all other amounts to the nearest dollar.)

(a) FIFO (b) LIFO (c) Weighted-Average

Cost of goods available for sale ? ? ?

Less: Ending inventory ? ? ?

Cost of goods sold ? ? ?