Calculate cost of goods sold and ending inventory under the following cost-flow assumptions (using a periodic inventory system): 1. FIFO. 2. LIFO. 3.Weighted average. Round the unit cost answer to two decimal places and ending inventory to the nearest $10

Cost-flow assumptions—FIFO, LIFO, and weighted average using a periodic system The following data are available for Sellco for the fiscal year ended on January 31, 2011:

sales ................................1,600units

Beginninginventory .....................500units@$4

Purchases, in chronological order. . . . . . . . . . .600units@$5

                                                                          800units@$6

                                                                          400units@8

Required: a.Calculate cost of goods sold and ending inventory under the following cost-flow

assumptions (using a periodic inventory system): 1. FIFO. 2. LIFO. 3.Weighted average. Round the unit cost answer to two decimal places and

ending inventory to the nearest $10.