The management of Kirchner Inc. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2010 the accounting records show these data.
- Inventory, January 1 (10,000 units) $38,535
- Cost of 132,120 units purchased 570,428
- Selling price of 104,595 units sold 803,730
- Operating expenses 132,120
Units purchased consisted of 38,535 units at $4.07 on May 10; 66,060 units at $4.29 on August 15; and 27,525 units at $4.73 on November 20. Income taxes are 28%.calculate cost of goods sold using Fifo method. Cost of good available for sale is 608963 find ending inventory.