Given the Following Information About Purchases and Sales During the Year,compute

Essay

Given the following information about purchases and sales during the year,compute the cost to be assigned to ending inventory under each of three methods: (a)average-cost,(b)FIFO,and (c)LIFO.Assume the periodic inventory system is used.(Show your work.)
$\begin{array}{lrlll}\text { Jan. } & 1 & \text { Beginning inventory } &150 \text { items }@\$3=&\$450 \\\text { May } & 1 & \text { Purchases }&450 \text { items }@\$16=&2,700 \\& & \text { Totals } &600 \text { items }&\$3,150\\& & \text { Total sales } &300 \text { items }\\\text { Dec. } & 31 & \text { Ending inventory }&300 \text { items }\end{array}$