Compute the Cost to Be Assigned to Ending Inventory for Each

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. $\begin{array}{llll}\text { January } & 1 & \text { Beginning Inventory } & 100 \text { items @ \$7 = \$ 700 } \\\text { May } & 1 & \text { Purchases } & \underline{400} \text { items @ } \$ 8=3,200 \\ &&\text { Total Available } & 500 \text { items }\quad\quad\quad \$ 3,900 \\&&\text { Total Sales } & \underline{360} \text { items } \\ \text { December } & 31 & \text { Ending Inventory } & \underline{\underline{140}}\end{array}$

$\begin{array}{ll}\text { Cost assigned on an average cost basis } & \$ ----- \\\text { Cost assigned on a FIFO basis } & \$----- \\\text { Costs assigned on a LIFO basis } & \$-----\end{array}$