Use the following data for the next 7 questions

Sirmans Co. uses a periodic inventory system. The purchases of a particular product during the year are shown below:

Jan. 1 Beginning inventory . 400 units @ $ 8.00

Apr. 18 Purchase ... 600 units @ $10.00

Aug. 11 Purchase 700 units @ $12.00

Oct. 23 Purchase 300 units @ $14.00

The number of units sold during the year was 1,500. Each unit was sold for $20.

1.Refer to the above data. Compute the cost of goods sold for the current year based on the LIFO method of inventory valuation.

2.Refer to the above data. Compute the cost of the ending inventory based on the LIFO method of inventory valuation.

3.Refer to the above data. Compute the cost of goods sold for the current year based on the FIFO method of inventory valuation.

4.Refer to the above data. Compute the cost of the ending inventory based on the FIFO method of inventory valuation.

5.Refer to the above data. Compute the cost of goods sold based on the average-cost method of inventory valuation.

6.Refer to the above data. Compute the gross profit for the current year based on the LIFO method of inventory valuation.

7.Refer to the above data. Compute the gross profit for the current year based on the FIFO method of inventory valuation.