Suppose Halton Corporations inventory records for a particular computer chip indicate the following at July 31:
Jul 1 Beginning inventory ............... 5 units @ $59 = $295
8 Purchase................................. 3 units @ $59 = 177
15 Purchase................................. 13 units @ $69 = 897
26 Purchase................................. 1 units @ $79 = 79
The physical count of inventory at July 31 indicates that seven units of inventory are on hand.

Requirements
Compute ending inventory and cost of goods sold, using each of the following methods:
1. Specific unit cost, assuming two $59 units and five $69 units are on hand
2. Average cost (round average unit cost to the nearest cent)
3. First-in, first-out
4. Last-in, first-out