Problem 4:

Cannon & Company uses the periodic inventory system. During the past year, it sold 17,400
units of its product. A count at the end of the year revealed 2,600 units still in stock.
Inventory data is as follows:
		Units	Unit Cost	Total Cost
Beginning Inventory		2,000	$ 12.00	$ 24,000
Purchases:
	Feb. 14	5,000	$ 12.30	$ 61,500
	April 1	7,000	$ 12.50	$ 87,500
	Sept. 6	4,000	$ 12.75	$ 51,000
	Nov. 3	2,000	$ 12.80	$ 25,600
		20,000		$ 249,600
Required:
Determine the Cost of Goods Sold and the cost of the ending
inventory using these cost flow assumptions:
1) FIFO
2) LIFO
3) Average Cost