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The units of an item available for sale during the year were as follows: Jan. 1 Inventory 30 units at $108 Mar. 10 Purchase 60

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

Jan. 1 Inventory 30 units at $108
Mar. 10 Purchase 60 units at $116
Aug. 30 Purchase 10 units at $122
Dec. 12 Purchase 100 units at $128

There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used.

Determine the ending inventory cost and the cost of goods sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar.

Cost of Ending Inventory and Cost of Goods Sold
Inventory Method Ending Inventory Cost of Goods Sold
First-in, first-out (FIFO) $ $
Last-in, first-out (LIFO)
Weighted average cost

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