Brief Exercise 7-4 Inventory Costing Methods A company with no inventory buys the following three inventory items:

Date item Cost

January 7 A $6

January 9 B $7

January 12 C $8

On January 10, the company sells one item for $10.

On January 15, the company sells a second item for $10.

The company uses a perpetual inventory system. Required: Calculate the company's cost of goods sold under the following inventory costing methods. If required, round your answers to two decimal places.

a. FIFO $

b. LIFO $

c. Moving Average $