The records at the end of 2015 for the Flagstaff Company showed the following for the one item they sell:

Date of

Transactions Units Unit Costs

Inventory 1/1 40 $20

Purchase 3/5 120 $24

Sale 5/15 80

Purchase 7/11 40 $22

Sale 9/24 30

Required: Assuming a periodic inventory system compute the cost of goods sold during the year and the ending inventory in dollars under each of the following inventory costing methods (show computations and round to the nearest cents):

1) Weighted-average cost (Average cost method the book calls it)

2) First-in, First-out (FIFO)

3) Last-in, First-out (LIFO)