Fischer, Inc. had the following inventory in fiscal 2013.
Compute the company’s cost of goods sold and inventory balances for fiscal 2013 assuming the company used a) FIFO and b) LIFO methods of accounting for inventory:
Beginning Inventory, January 1, 2013: 130 units @ $10.00 Purchase 200 units @ $12.00 Purchase 50 units @ $9.00 Purchase 110 units @ $10.50 Ending Inventory, December 31, 2013: 120 units.