Styles per Unit The following data relate to inventory for the year ended December 31, 2007: Number Cost Total Date Description of Units Cost January 1 Beginning inventory 400 $5.00 $ 2,000 March 1 Purchase 1,000 6.00 6,000 August 1 Purchase 200 7.00 1,400 November 1 Purchase 200 7.50 1.500 1,800 $10,900 A physical inventory on December 31, 2007, indicates that 400 units are on hand. Required Compute the cost of goods sold for the year ended December 31, 2007, and the ending inventory under the following cost assumptions: Ending cost of goods sold a. First-in, first-out (FIFO) I | b. Last-in, first-out (LIFO) c. Average cost (weighted average)