Hello,

Can someone please help me find the ending inventory and COGS for both LIFO and FIFO? (see below)

Thanks!

Accounting Cycle Review 6 a- f On December 1, 2020, Waterway Company had the account balances shown below. Debit Credit Cash $5,000 Accumulated Depreciation-Equipment $1,100 Accounts Receivable 4,700 Accounts Payable 3,200 Inventory 2,400* Owner's Capital 32,800 Equipment 25,000 $37,100 $37,100 *(4,000 x $0.60) The following transactions occurred during December: Dec. 3 Purchased 4,000 units of inventory on account at a cost of $0.70 per unit. 5 Sold 4,300 units of inventory on account for $0.86 per unit. (Waterway sold 4,000 of the $0.60 units and 300 of the $0.70.) 7 Granted the December 5 customer $159 credit for 200 units of inventory returned costing $106. These units were returned to inventory. 17 Purchased 2,300 units of inventory for cash at $0.76 each. 22 Sold 3,200 units of inventory on account for $0.91 per unit. (Waterway sold 3,200 of the $0.70 units.)