We report the following current-year purchases and sales for our only product:

Date	Activity	Starting	Purchases	Sales
January 1	Beginning Inventory	200 Units @ $10
January 10	Sales			150 Units
March 14	Purchase		350 Units @ $15
March 15	Sales			300 Units
July 30	Purchase		450 Units @ $20
October 5	Sales			430 Units
October 26	Purchase		100 Units @ $25

Determine the costs assigned to ending inventory using (1) FIFO, (2) LIFO, and (3) Weighted Average.

1. FIFO

Date	Beg. Inventory	Purchase	Sale	End. Inventory
January 1
January 10
March 14
March 15
July 30
October 5
October 26

2. LIFO

Date	Beg. Inventory	Purchase	Sale	End. Inventory
January 1
January 10
March 14
March 15
July 30
October 5
October 26

3. Weighted Average

Date	Beg. Inventory	Purchase	Sale	End. Inventory
January 1
January 10
March 14
March 15
July 30
October 5
October 26

4. Using the same chart information, if Ending Inventory consists of 45 unit from the March 14 purchase, 75 units from the July 30 purchase, and all 100 units from the October 26 purchase, what would be the costs associated to the ending inventory.

5. Ames Trading Co. has the following products in its ending inventory. Compute lower of cost or market for inventory applied separately to each product.

Product	Quantity	Cost per Unit	Market per Unit
Mountain Bikes	11	$600	$550
Skateboards	13	$350	$425
Gliders	26	$800	$700

For each product, which value (cost value or market value) would you show as inventory cost?