P7-3 Evaluating Four Alternative Inventory Methods Based on Income and Cash Flow LO7-2, 7-3 At the end of January 2014, the records of Donner Company showed the following for a particular item that sold at $16 per unit Transactions Units Amount Inventory, January 1, 2014 500 2,365 600 Purchase, January 12 3,600 Purchase, January 26 160 1,280 (370) Sale (250) Sale Required: Compute Cost of Goods sold under each method of inventory: average cost, FIFO, LIFO, and specific identification. For specific 1a identification, assume the first sale that was selected from the beginning inventory and the second sale was selected from the January 12 purchase. (Round unit price to 2 decimal places. nput a amounts as positive values. Input areas are shaded Cost of Good Available for sale cost of Goods sold Average Cost Cost of Goods Cost of Goods of Units Cost per Unit Available for tt of Units Sold Cost per Unit Sold Beginning inventory Purchases: January 12, 2014 January 26, 2014