Solved: How to calculate the ending inventory fifo and lifo, Cost Accounting

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How to calculate the ending inventory fifo and lifo

Response to the following problem:

Daniel Company uses a periodic inventory system. Data for 2012: beginning merchandise inventory (December 31, 2011), 2,180 units at $35; purchases, 7,970 units at $37; expenses (excluding income taxes), $193,000; ending inventory per physical count at December 31, 2012, 1,780 units; sales, 8,370 units; sales price per unit, $75; and average income tax rate, 32 percent.

Can someone please show , how to calculate the Ending Inventory's FIFO and LIFO?

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Cost Accounting: How to calculate the ending inventory fifo and lifo

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