3. Below is information about beginning inventory and purchases for the current year: Beginning inventory April purchases June purchases 500 units valued at $3.00 each 1,100 units at $3.20 each 400 units at $4.00 each December purchases 1,600 units at $4.40 Sales during the year were 2,700 units at $5.00. If we used the first-in, first-out method (FIFO), ending inventory would be: i. a) $2,780 ii. iii. b) $3,960 c) $9,700 d) $10,880 Sales during the year were 2,700 units at $5.00. If we used the last-in, first-out method (LIFO), cost of goods sold (supplies expense) would be: a) $2,780 b) $3,960 c) $9,700 d) $10,880 An inventory pricing procedure in which the oldest costs incurred rarely have an effect on the ending inventory valuation is: a) FIFO b) LIFO c) Specific Identification d) Weighted-average