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

Jan. $1$ Inventory $24$ units at $$1,800$ each

June $9$ Purchase $28$ units at $$1,950$ each

July $28$ Purchase $14$ units at $$2,040$ each

Nov. $1$ Purchase $15$ units at $$2,100$ each

There are $18$ units of the item in the physical inventory at December $31.$

Determine the cost of ending inventory and the cost of goods sold by three methods, presenting your answers in the following form:

Round your final answers to the nearest dollar.

Cost

Inventory Method

a$.$ First$-$in$,$ first$-$out method

Ending Inventory

Cost of Goods Sold $q,$ $ $(37,620$

$$

$120,240$

b$.$ Last$-$in$,$ first$-$out method $$

$$

c$.$ Weighted average $$

$x$

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a$.$ In the FIFO method, the first units purchased are assumed to be the first to be sold. Therefore, ending inventory costs are calculated by taking the number of items remaining in the physical inventory times the most recent purchase price. To compute the cost of goods sold, deduct the ending inventory value from the sales amount.

b$.$ In the LIFO method, the last units purchased are assumed to be the first to be sold. Therefore, ending inventory costs are calculated by taking the number of items remaining in the physical inventon times the earliest purchase costs. To compute the cost of goods sold, deduct the ending inventory value from the sales amount.

c$.$ In the weighted average cost method, the average cost of all available units purchased is applied to the number of units sold and in ending inventory. Therefore, you must first obtain a unit cost by dividing the total cost of all units available for sale by the number of units available for sale. Then, multiply the number of items remaining in the physical inventory times this unit cost. To compute the cost of goods sold, deduct the ending inventory value from the sales amount.