Determine the cost assigned to the ending inventory using FIFO.

Date	Activities	Units Acquired at Cost	Units Sold at Retail
May 1	Beginning inventory	170 units @ $10 = $1,700
May 5	Purchase	240 units @ $12 = $2,880
May 10	Sales		160 units @ $20
May 15	Purchase	120 units @ $13 = $1,560
May 24	Sales		110 units @ $21

Determine the cost assigned to cost of goods sold using FIFO.

Date	Activities	Units Acquired at Cost	Units Sold at Retail
May 1	Beginning inventory	166 units @ $10 = $1,660
May 5	Purchase	236 units @ $12 = $2,832
May 10	Sales		156 units @ $20
May 15	Purchase	116 units @ $13 = $1,508
May 24	Sales		106 units @ $21

Determine the cost assigned to ending inventory using LIFO.

Date	Activities	Units Acquired at Cost	Units Sold at Retail
May 1	Beginning inventory	174 units @ $10 = $1,740
May 5	Purchase	244 units @ $12 = $2,928
May 10	Sales		164 units @ $20
May 15	Purchase	124 units @ $13 = $1,612
May 24	Sales		114 units @ $21

Determine the cost assigned to cost of goods sold using LIFO.

Date	Activities	Units Acquired at Cost	Units Sold at Retail
May 1	Beginning inventory	162 units @ $10 = $ 1,620
May 5	Purchase	232 units @ $12 = $ 2,784
May 10	Sales		152 units @ $20
May 15	Purchase	112 units @ $13 = $ 1,456
May 24	Sales		102 units @ $21