Compute the cost to be assigned to ending inventory for each of the methods indicated given the following information about purchases and sales during the year.

Compute the cost to be assigned to ending inventory for each of the methods indicated given the following information about purchases and sales during the year.

January		1		Beginning Inventory		100	items @ $7	=	$700
May		1		Purchases		400	items @ $8	=	3,200
				Total Available		500	items		$3,900
				Total Sales		360	items
December		31		Ending Inventory		140

Cost assigned on an average cost basis		$
Cost assigned on a FIFO basis		$
Costs assigned on a LIFO basis		$