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The units of an item available for sale during the year were as follows: January 10 January 15 Inventory Sold 27 units @ $90 20

The units of an item available for sale during the year were as follows:

January 10

January 15

Inventory

Sold

27 units @ $90

20 units

February 27

March 1

Purchase

Sold

54 units @ $98

35 units

July 11

July 15

Purchase

Sold

63 units @ $106

75 units

November 13

Purchase

36 units @ $115

There are 50 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine both ending inventory and cost of goods sold by (a) the first-in, first-out method, (b) the last-in, first-out method, and (c) the average cost method. Show your work?

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