Vaughn Company, which uses a periodic inventory system, had a beginning inventory on May 1, of 300 units of Product A at a cost of $6.25 per unit. During May, the following purchases and sales were made.

Purchases: Sales:

May 6	300	units at $7.20	May 4	275	units
14	400	units at $9.10		300	units
21	100	units at $11.50	22	400	units
28	500 1 ,300	units at $11.80	24	225 1 ,200	units

Instructions: Compute the May 31 ending inventory and May cost of goods sold under (a) Average Cost, (b) FIFO, and (c) LIFO. Provide appropriate supporting calculations.

1.	FIFO: Ending Inventory	Cost of Goods Sold =
2.	LIFO: Ending Inventory = $	Cost of Goods Sold = $

3. Average: Ending Inventory = $ Cost of Goods Sold -$-