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Assume that Walter Company reports the following initial balance and subsequent purchase of inventory. ...

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Accounting

Assume that Walter Company reports the following initial balance and subsequent purchase of inventory.
Inventory balance at beginning of year 48,000 units @ $240 each $ 11,520,000
Inventory purchased during the year 50,000 units @ $350 each 17,500,000
Cost of goods available for sale during the year 98,000 units $29,020,000
Assume that 40,000 units are sold during the year.
What amount would be reported for cost of goods sold using the FIFO method?
What amount would be reported for ending inventory if the company uses the LIFO method?
Which method would generate the highest profit for the company?

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