Helen's Farm Store sells agricultural equipment and supplies. During a recent year, the company LO 3 Inventory Costing Methods had the following purchases and sales of fertiliser:

Assume that the ending inventory included 50 cases from the beginning inventory, 100 cases from the February 25 purchase, 100 cases from the August 15 purchase, and 100 cases from the October 15 purchase.
Determine the costs that should be assigned to ending inventory and cost of goods sold under each of the following assumptions: (1) costs are assigned by the specific identification method; (2) costs are assigned by the weighted-average-cost method; (3) costs are assigned by the FIFO method; (4) costs are assigned by the LIFO method.
What conclusions can be drawn about the effect of each method on the income statement and the balance sheet of Helen's Farm Store?
LO 3 Periodic Inventory System and Inventory Costing Methods

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Jan. 1 Beginning Inventory 250 cases @ 23 5,750 Feb. 25 Purchase 100 cases @ 26 2,600 June 15 Purchase 400 cases @ 28 11,200 Aug. 15 Purchase 100 cases @ 26 2,600 Oct. 15 Purchase 300 cases @ 28 8,400 Dec. 15 Purchase 200 cases @30 6,000 Total Goods Available for Sale Total Sales 1,350 36,550 1,000 cases. Dec. 31 Ending Inventory 350 cases