Star Company uses a periodic inventory system. At the end of the annual accounting period, December 31, 2012, the accounting records provided the following information for product 1:
Units Unit Cost
Inventory, December 31, 2011 1,890 $ 3
For the year 2012:
Purchase, March 21 5,140 5
Purchase, August 1 2,820 6
Inventory, December 31, 2012 4,160
Required:
Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing methods.