Computation involving different cost flow assumptions. Arnold Company€™s raw material Purchases during January, its first month of operations, were as follows:

The inventory at January 31 was 3,500 pounds. Compute the cost of the inventory on January 31 and the cost of raw materials issued to production for January under each of the following cost-flow assumptions:
(a) FIFO
(b) Weighted average.
(c)LIFO.

Cost per Unit $2.20 2.25 Total Cost $ 2,640 4,950 6,384 3,450 6,960 $24,384 Quantity 1,200 pounds 2,200 pounds 2, 00 ounds 1,500 pounds 3,000 pounds 10,700 pounds 1/2 Purchased 1/8 Purchased 1/15 Purchased 1/23 Purchased 1/28 Purchased Total Goods Available for Use 2.28 2.30 2.32