Section 6-INVENTORY COSTING USING THE LIFO METHOD 1. ShaCo, a 20X8 startup, uses the periodic method and LIFO costing. ShaCo makes the following purchases during its first year: Purchase date Units purchased Unit cost Total cost January 15 600 $16 $ 9,600 April 12 2,400 $17 40,800 June 7 3,000 $19 57,000 August 25 1,300 $22 28,600 September 5 5,000 $25 125,000 December 11 900 $27 24,300 Total 13,200 $285,300 The year-end physical count is 4,000 units. Compute 20X8 ending inventory and COGS. 2. UpCo, which started in 20X7, purchases inventory quarterly and uses LIFO costing under the periodic method. Its 20X7-20X9 inventory records are: Purchase date Units Unit cost Total cost Ending inv. (units) 20X7 January 2,600 $17 $44,200 April 700 $16 11,200 July 3,300 $19 62,700 October 1,300 $22 28,600 Ending inventory 900 20X8 January 1,300 $22 $28,600 April 1,500 $23 34,500 July 1,000 $24 24,000 October 2,000 $25 50,000 Ending inventory 1,400 20X9 January 1,000 $25 $25,000 April 1,300 $25 32,500 July 1,300 $26 33,800 October 1,800 $27 48,600 Ending inventory 1,700 Calculate UpCo's cost of goods sold and ending inventory for 20X7, 20X8 and 20X9