Part 1: During 2014, Smith & Co. sold 40,000 units of its product. The following units were on hand or purchased during the year:

	Units	Cost per unit	Total Cost
Beginning inventory	10,000	$15.12	$151,200
Purchase 2/2/14	15,000	$15.20	$228,000
Purchase 6/15/14	17,000	$15.60	$265,200
Purchase 10/30/14	16,000	$15.75	$252,000
Total available	58,000		$896,400
Less Sold	___________
Ending Inventory	___________

Required: In the table above, fill in the number of units sold and the number of units in Ending Inventory. Calculate ending inventory and cost of goods sold for the next 3 questions.

1) If the company used the FIFO method, what is the value of ending inventory and cost of goods sold?

Ending Inventory: Cost of Goods Sold:

2) If the company used the LIFO method, what is the value of ending inventory and cost of goods sold?

Ending Inventory: Cost of Goods Sold:

3) If the company used the average cost method, what is the value of ending inventory and cost of goods sold?

Please round your calculated average cost per unit to 2 decimals (example - $18.79) Average Cost per unit = _________________________________

Ending Inventory: Cost of Goods Sold: