Compute the cost to be assigned to ending inv. for each of the methods indicated given the following information about purchases and sales during the year. Jan. 1: Beginning Inv. 100 items at $7 = $700

May 1: Purchases 400 items at $8 = $3,200

Total Available 500 items $3,900

Total Sales 360 items

December 31: Ending Inv. 140 items

Find the Cost assigned to ending inv. on a FIFO, LIFO, and average cost basis

Find the Cost of Goods sold on a FIFO, LIFO, and average cost basis.