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

All sales were made at a sales price of $45 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. (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 withFIFO?

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Cost per Unit $38 37 Date Units Beginning inventory Feb. 24 purchase Sales July 2 purchase Oct. 31 purchase Sales 110 120 170 90 262 27