Question

FIFO and LIFO methods in accounting

Yount Company reports the following for the month of June:

Date Explanation Units Unit Cost Total Cost
June 1 Inventory 200 \$5 \$1,000
June 12 Purchases 300 6 1,800
June 23 Purchases 500 7 3,500
June 30 Inventory 120

Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO and (2) LIFO.

FIFO LIFO
Ending Inventory \$ \$ ? \$ ?
Cost of goods sold \$ ? \$ ?

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