Exercise $5-13$A $($Algo$)$ Periodic: Inventory costing methods$-$FIFO and LIFO LO P$3$

The company uses a periodic inventory system.

a$.$ Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.

b$.$ Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.

c$.$ Compute the gross profit for each method.

Complete this question by entering your answers in the tabs below.

Required A

Required B

Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.

$\backslash$table$[[$Periodic Inventory System,$\backslash$table$[[$Ending$],[$Inventory$]],\backslash$table$[[$Cost of$],[$Goods Sold$]]],[$FIFO$,,]]$