Question: Beginning inventory 80 units @ $ 15 each First Purchase 150 units @ $ 12 Second Purchase 390 units @ $ 13 Third Purchase 250

Beginning inventory 80 units @ $ 15 each First Purchase 150 units @ $ 12 Second Purchase 390 units @ $ 13 Third Purchase 250 units @ $ 14 Sales 830 units @ $ 20 Required: [ 8 Marks) Calculate a. Cost of goods sold (COGS) under FIFO [ 3 Marks] b. Cost of goods sold (COGS) under LIFO [3 Marks] c. Ending Inventory under FIFO and LIFO. [2 Marks]

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