Tori Amos Corporation began operations on December 1, 2007. The only inventory transaction in 2007 was the purchase of inventory on December 10, 2007, at a cost of $20 per unit. None of this inventory was sold in 2007. Relevant information is as follows.

During the year the company made the following purchases and sales.

The company uses the periodic inventory method.

Instructions
(a) Determine ending inventory under
(1) Specific identification,
(2) FIFO,
(3) LIFO, and
(4) average-cost.
(b) Determine ending inventory using dollar-value LIFO. Assume that the December 2, 2008, purchase cost is the current cost ofinventory.

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Ending inventory units December 31, 2007 100 December 31, 2008, by purchase date December 2, 2008 100 50 July 20, 2008 150 Purchases Sales March 15 July 20 September 4 200 units at 28 Decembe2 100 units at 30 300 units at $24 300 units at 25 April 10 August 20 November 18 200 300 150 200 December 12