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

Jan 1 Inventory 35 units at $ 160

Feb 18 Purchase 64 units at $ 158

July 21 Purchase 53 units at $ 175

Nov 23 Purchase 46 units at $ 185

There are 70 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost by (a) the first-in, first-out method, (b) the last-in, first-out method, and (c) the average cost method.

FIFO

LIFO

Average

Assuming the selling price is $ 220 and using the data from above, determine the total revenue, cost of merchandise sold and gross profit under FIFO, LIFO and Average.

			FIFO	LIFO	Average
Revenue
Cost of Merchandise sold
Gross Profit