uses the periodic inventory system. At the end of the annual accounting period, December 31, 2016, the accounting records in inventory showed:

Transactions	Units	Unit Cost
Beginning inventory, Jan. 1, 2016	300	$20
Purchase, Feb. 1	500	21
Purchase, May 15	400	22
Sale, March 15 (sold at $20 each)	(400)
Sale, July 31 (sold at $25 each)	(500)

Required: Determine the amount of the ending inventory and cost of goods sold under each of the following methods assuming the periodic inventory system. To receive partial credit, show calculations.

	Method	Ending Inventory	Cost of Goods Sold
a.	Average cost
b.	FIFO
c.	LIFO