1 Data Table Date Item Quantity Unit Cost Oct 1 Balance 12$ 225 5 Sale 10 12 Purchase 20$ 220 21 Sale 9 30 Sale 7 Print Done 2 CON and sold a line of mountain bikes during October as follows: - 0 Reference FIFO: Purchases Cost of goods sold Inventory on hand Unit Total Unit Total Unit Total Date Qty Cost Cost Qty Cost Cost Qty Cost Cost Oct 1 12 $ 225 $ 2,700 5 10 $ 225$ 2,250 2$ 225$ 450 12 20 $ 220 $ 4,400 2$ 225 $ 450 220 $ 4,400 201$ 21 2 $ 225 $ 450 7 $ 220 $ 1,540 13 820 $ 2,860 6 $ 220 $ 1.320 30 7 $ 220 $ 1,540 Total 20 $ 4,400 26 $ 5,780 6 Print Done Reference re as LIFO: Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Qty Cost Cost Qty Cost Cost Qty Cost Cost 12 $ 225 $ 2,700 Oct 1 5 10 $ 225 $ 2.250 12 20 $ 220 $ 4,400 2 $ 225 $ 450 2 $ 225 $ 450 20 $ 220 $ 4,400 21 9 $ 220 $ 1,980 2 $ 225$ 450 11 $ 220 $ 2,420 30 7 $ 220 $ 1,540 2 $ 225$ 450 4$ 220 $ 880 Total 20 $ 4,400 26 $ 5,770 6 Print Done 1 Requirements 1. Compute the cost of ending inventory under FIFO. 2. Compute the cost of ending inventory under LIFO. 3. Which method results in a higher cost of ending inventory? Print Done Requirement 1. Compute the cost of ending inventory under FIFO. FIFO: Purchases Cost of goods sold Inventory on hand Unit Total Unit Total Unit Total Date Qty Cost Cost Qty Cost Cost Qty Cost Cost Oct 1 12 $ 225 $ 2,700 5 5 10 $ 225$ 2,250 2 $ 225$ 450 12 20 $ 220 $ 4,400 2 $ 225$ 450 220 $ 4,400 20$ 21 2 $ 225$ 450 7 $ 220$ 1,540 13$ 220 $ 2,860 30 7$ 220$ 1,540 6 $ 220 $ 1,320 Total 20 $ 4,400 26 $ $ 5,780 6