Answer:
The computation is shown below:-
Explanation:
1.                     FIFO    LIFO	Average cost  
Cost of goods sold      
Beginning inventory       $11,200      $11,200  $11,200
 (400 units ×  $28))                          
purchases                       $16,625    $16,625   $16,625	
(475 units × 35)                  
Goods available for use $27,825    $27,825   $27,825  
Ending inventory             $18,025    $15,575    $16,695
(525 units)  
Cost of goods sold          $9,800    $12,250    $11,130  
under ending inventory = 475 × $35 + 50 × $28    
FIFO = $18,025  
LIFO ending inventory 400 × $28 + 125 × $35
= $15,575  
Average cost = $27,825 ÷ $875    
= 31.8      
Ending inventory = 525 × 31.8
= $16,695
2.                                  FIFO            LIFO         Average
Sales
(307 × $50)                $15,350         $15,350    $15,350
Cost of goods sold     $9,800    $12,250    $11,130
Gross Profit                 $5,550           $3,100      $4,220
Expenses                     $1,680           $1,680      $1,680
Net income                  $3,870           $1,420       $2,540
3. FIFO = 3
LIFO = 2
Average = 1