For year ended 12/31/08, inventory information for Harper Inc. is as follows:
|
Date
|
Description
|
Quantity
|
Unit Cost
|
|
01/31/08
|
Units on hand
|
1,000 units
|
$5.00/unit
|
|
03/25/08
|
Purchase
|
500 units
|
$6.00/unit
|
|
05/15/08
|
Purchase
|
500 units
|
$7.00/unit
|
|
08/29/08
|
Sale
|
300 units
|
|
|
10/02/08
|
Purchase
|
700 units
|
$8.00/unit
|
|
12/15/08
|
Sale
|
-500 units
|
|
Assuming a periodic inventory system and based upon the information above, please determine the COGS and Ending Inventory for year 2008 under the following inventory valuation methods:
a. Weighted Average cost
b. FIFO
c. LIFO