Miller Mfg. has one LIFO pool. Information relating to the products in this pool is as follows:
Beginning inventory, January 1 . . . . . . . . . . . . . . . . . . . . 60 units @ $10 each
Purchase, February 12 . . . . . . . . . . . . . . . . . . . . . . . . . . 45 units @ $12 each
Purchase, February 28 . . . . . . . . . . . . . . . . . . . . . . . . . . 75 units @ $18 each
Purchase, March 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 units @ $12.50 each
Sales for the first quarter . . . . . . . . . . . . . . . . . . . . . . . . 135 units
Compute the ending LIFO inventory value for the first quarter assuming new layers are valued based on:
1. A FIFO assumption
2. A LIFO assumption
3. An average cost assumption