Sherman Electric uses a periodic inventory system. The beginning inventory of a particular product, and the purchases during the current year, were as follows:

Jan. 1 Beginning inventory........................... 60 units @ $105 = $ 6,300

Mar. 8 Purchase........................................... 30 units @ $115 = 3,450

Aug. 11 Purchase........................................... 90 units @ $125 = 11,250

Oct. 23 Purchase .......................................... 20 units @ $135 = 2,700

Total available for sale....................................... 200 units $23,700

At December 31, the ending inventory of this product consisted of 65 units.

Using periodic costing procedures, determine (1) cost of the year-end inventory and, (2) cost of goods sold relating to this product under each of the following flow assumptions:

(1) (2)

Inventory Cost of

at Dec. 31 Goods Sold

a Average cost $_______________ $_______________

b Firstin, firstout $_______________ $_______________

c Lastin, firstout $_______________ $_______________