Assume that Company had the indicated inventory on hand and transactions in the current year as...

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Assume that Company had the indicated inventory on hand and transactions in the current year as follows: Inventory, December 31, prior year - 1,200 units of the product 1 at $10 each. Purchase, March 25 - 3,200 units of the product 1 at $12 each. Purchase, July 1 - 2,100 units of the product 1 at $15 each. Inventory, December 31, current year - 3,500 units. (a) Compute costs of goods sold and ending inventory for the current year using the LIFO inventory costing method. (b) If the FIFO inventory costing method is used, do you expect costs of goods sold to be higher or lower than costs of goods sold under the LIFO inventory costing method? Assume that Company had the indicated inventory on hand and transactions in the current year as follows: Inventory, December 31, prior year - 1,200 units of the product 1 at $10 each. Purchase, March 25 - 3,200 units of the product 1 at $12 each. Purchase, July 1 - 2,100 units of the product 1 at $15 each. Inventory, December 31, current year - 3,500 units. (a) Compute costs of goods sold and ending inventory for the current year using the LIFO inventory costing method. (b) If the FIFO inventory costing method is used, do you expect costs of goods sold to be higher or lower than costs of goods sold under the LIFO inventory costing method?