A. If the company adopted FIFO for their inventory costing system, the cost of goods sold for fiscal 2016 is:

B. If the company adopted LIFO for their inventory costing system, the ending inventory for fiscal 2016 is:

Aiello, Inc. had the following inventory in fiscal 2016.

Beginning Inventory, January 1, 2016: 130 units @ $15.00

Purchase 200 units @ $18.00

Purchase 50 units @ $13.50

Purchase 110 units @ $15.75

Ending Inventory, December 31, 2016: 120 units