Space Co. started the year with no inventory. During the year, it purchased two identical inventory items. The inventory was purchased at different times. The first purchase cost $5,000 and the other, $7,000. Space sold one of the items during the year. Required: Based on this information, how much product cost would be allocated to cost of goods sold and ending inventory on the year-end financial statements, for the following questions under the different cost flow methods What is the cost of goods available for sale:

What is your ending inventory under FIFO? LIFO? Weighted Average?

What is cost of goods sold under FIFO? LIFO? Weighted Average?