my professor marked this as wrong on my test, but during review day he was mixed uo between LIFO and FIFO. I was certain Last in meant MOST RECENT and vice versa for first in. Am I wrong or did he grade it wrong?

Thanks

Section: inanei Accounting I Part II SOLVE THE FOLLOWING PROBLEMS 1. The beginning inventory balance of Item X on August 1 and the purchases of this during August were as follows: Augst Beginning inventory.600 units@ $10.00-s6,000 3150-300 August 9 Purchase.. 5ea-3oo August 11 Purchase..500 units@ 511.00- $5,500.00 2150 200 August 23 Purchase 700 units $10.50- $7,350.00 00 units@S11.25 $2.250.00 August 31 Totals 2,000 $21,100.00 At August 31 the ending inventory was 900 units. Determine the cost of the ending inventory based on each of the following methods of inventory valuation. Show computation. lapua: il. Totals: 2000 units/s 21,100-#065 per unit Answer Computation a. Last-in, first-out 1850 S 11,250 $ 11,950 11,605 b. First-in, first-out 3150 c. Average-cost LIFo 21,100 Average 9,495 1,GOS FLFO 21,100 915o ,450 n,250