Erie Jewelers sells gold earrings. Its beginning inventory of Model 407 gold earrings consisted of 100 pairs of earrings at $50 per pair. Erie purchased two batches of Model 407 earrings during the year. The first batch purchased consisted of 150 pairs at $53 per pair; the second batch consisted of 200 pairs at $56 per pair. During the year, Erie sold 375 pairs of Model 407 earrings.
Required
Determine the amount of product cost Erie would allocate to cost of goods sold and ending inventory assuming that Erie uses (a) FIFO, (b) LIFO, and (c) weighted average.