Given the following information about purchases and sales during the year, compute the cost to be assigned to ending inventory under each of three methods: (a) average-cost, (b) FIFO, and (c) LIFO. (Show your work.)
Assume that a periodic inventory system is used.

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S 675 4,050 $4,725 Jan. Beginning inventory 225 items @S3 May1 675 items@ $6 Purchases Totals 900 items Total sales 450 items Dec.31 Ending inventory 450 items