In chronological order, the inventory, purchases, and sales of a single product of the O'Shaughnessy Company during a recent month are as follows:

Using the periodic inventory system, calculate the O'Shaughnessy Company's cost of ending inventory, its cost of goods sold, and its gross profit. Use the weighted-average-cost, FIFO, and LIFO inventory costing methods. Explain the differences in gross profit produced by the three methods. Round unit costs and totals.

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Amount Units June 4 Beginning Inventory Purchase 300 800 8 Sale 400 12 Purchase 1,000 16 Sale 700 20 Sale 500 24 Purchase 1,200 28 Sale 600 29 Sale 400 2=22222 per Unit 10 11 20 12 20 13