Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system.
Beginning inventory, January 1, 2011 600 units @ $80 each
Purchases:
January 15 1,000 units @ $95 each
January 21 800 units @ $100 each
Sales:
January 5 400 units @ $120 each
January 22 800 units @ $130 each
January 29 400 units @ $135 each
Ending inventory, January 31, 2011 800 units
Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. (Omit the "tiny_mce_markerquot; sign in your response.)
Cost of Goods Sold Ending Inventory
First-in, first-out (FIFO) $ $
Last-in, first-out (LIFO) $ $