Waveton Ltd uses the periodic inventory method and had the following inventory information available:

Inventory information

		Units	Unit cost
1/1	Beginning inventory	450	$6.40
20/1	Purchase	600	$6.20
25/7	Purchase	400	$6.80
20/10	Purchase	350	$6.50

A physical count of inventory on 31 December revealed that there were 500 units on hand. Ignore GST.

Required:

Answer the following independent questions.

1. Assume that the company uses the FIFO method. The value of the cost of sales at 31 December is $__________.

2. Assume that the company uses the average cost method. The value of the cost of sales on 31 December is $__________.

3. Assume that the company uses the LIFO method. The value of the ending inventory on 31 December is $__________.

(Type your response directly into the template in the text box below. )