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FIFO and LIFO periodic inventory methods. The Rock Shop shows the following data related to...

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Accounting

FIFO and LIFO periodic inventory methods. The Rock Shop shows the following data related to an item of inventory:

Inventory, January 1 100 units @ $5.00

Purchase, January 9 700 units @ $5.50

Purchase, January 19 200 units @ $6.00

Inventory, January 31 300 units Instructions

(a) What value should be assigned to the ending inventory using FIFO?

(b) What value should be assigned to cost of goods sold using LIFO?

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