Inventory by Three Methods; Cost of Goods Sold
The units of an item available for sale during the year were asfollows:
| Jan. 1 | Inventory | 23 units at $1,800 |
| May 15 | Purchase | 30 units at $1,950 |
| Aug. 7 | Purchase | 12 units at $2,040 |
| Nov. 20 | Purchase | 17 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 Method | Ending Inventory | Cost 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 |
