Inventory Costing Methods - Periodic Method The following data are for the Cracker Corporation, which sells just one product

Units Unit Cost

Beginning inventory, January 1..........................................................1200 $18

Purchases February 11........................................................... 1500 $19

May 18...................................................................1400 $20

October 23............................................................1100 $23

Sales March 1..................................................................1400

July 1.....................................................................1400

October 29..............................................................1000

Required

1.) Calculate the value of ending inventory and cost of goods sold for the year using the periodic method and a.) First-in-first out

b.) Last-in-first out

c.) weighted average cost method

2.) If the replacement cost of the inventory at year end is $25, how will the cost of goods sold under each method be affected?