• ABC Retailers uses both LIFO and FIFO methods for inventory valuation. Given the following inventory transactions for the month of January:

  • January 1: Beginning inventory - 100 units at $10 each
  • January 10: Purchase - 200 units at $12 each
  • January 20: Purchase - 150 units at $15 each
  • January 25: Sale - 250 units Calculate the cost of goods sold and ending inventory using both LIFO and FIFO methods.