Neyman Inc. has the following data for purchases and sales of inventory:

All sales were made at a sales price of $450 per unit. Assume that Neyman uses a perpetual inventory system.
Required:
1. Compute the cost of goods sold and the cost of ending inventory using the FIFO, LIFO, and average cost methods. (Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.)
2. Why is the cost of goods sold lower with LIFO than with FIFO?

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Date Units Cost per Unit $400 370 Beginning inventory Purchase 1, Feb. 24 Sale 1 Purchase 2, July 2 Purchase 3, Oct. 31 Sale 2 130 145 180 90 265 330 250 2