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Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale...

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Accounting

Inventory by Three Methods; Cost of Goods Sold

The units of an item available for sale during the year were asfollows:

Jan. 1Inventory23 units at $1,800
May 15Purchase30 units at $1,950
Aug. 7Purchase12 units at $2,040
Nov. 20Purchase17 units at $2,100

There are 19 units of the item in the physical inventory atDecember 31.

Determine the cost of ending inventory and the cost of goodssold by three methods, presenting your answers in the followingform:

Round your final answers to the nearest dollar.

Cost
Inventory MethodEnding InventoryCost of Goods Sold
a. First-in, first-out method$fill in the blank 1$fill in the blank 2
b. Last-in, first-out method$fill in the blank 3$fill in the blank 4
c. Weighted average cost method$fill in the blank 5$fill in the blank 6

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