1. Beginning Inventory, January 1, 2016: 500 units @ $20

Purchase 1 2,000 units @ $24

Purchase 2 2,000 units @ $30

Purchase 3 1,000 units @ $35

Ending Inventory, December 31, 2016: 1,500 units

Compute the companys ending inventory balance for 2016 assuming the company used the FIFO method of accounting for inventory.

Compute the companys cost of goods sold for 2016 assuming the company used the FIFO method of accounting for inventory

Compute the companys ending inventory balance for 2016 assuming the company used the LIFO method of accounting for inventory.

Compute the companys cost of goods sold for 2016 assuming the company used the LIFO method of accounting for inventory.

Compute the LIFO Reserve: