Just need help finding the ending inventory for FIFO and LIFO and how it is done

not the entire income statement.

The management of Weigel Inc. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2014 the accounting records show these data.

Inventory, January 1 (4,000 units)	$ 16,000
Cost of 105,000 units purchased	470,500
Selling price of 100,000 units sold	900,000
Operating expenses	185,000

Units purchased consisted of 35,000 units at $4.21 on March 20; 65,000 units at $4.60 on July 24; and 5,000 units at $4.83 on December 12. Income taxes are 30%.

Instructions

1.

Prepare comparative condensed income statements for 2014 under FIFO and LIFO. (Show computations of ending inventory.)

Gross Profit:

FIFO	$456,050
LIFO	$450,550