Erie Jewelers sells gold earrings. Its beginning inventory of Model 407 gold earrings consisted of 100 pairs of earrings at \($50\) per pair. Erie purchased two batches of Model 407 earrings during the year. The first batch purchased consisted of 150 pairs at \($53\) per pair; the second batch consisted of 200 pairs at \($56\) per pair. During the year, Erie sold 375 pairs of Model 407 earrings.

Required:
Determine the amount of product cost Erie would allocate to cost of goods sold and ending inventory assuming that Erie uses (a) FIFO, (b) LIFO, and (c) weighted average.

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Goods Available for Sale Beginning inventory 100 @ $50 First purchase 150 @ 53 Second purchase 200 @ 56 Goods available for sale 450 $ 5,000 7,950 11,200. $24,150