Assume

Shopping.com

began

October

with

12

units of inventory that cost a total of

$228.

During

October,

Shopping.com

purchased and sold goods as

follows:

	Oct.	8		Purchase	36 units @ $20
		14		Sale	30 units @ $40
		22		Purchase	24 units @ $22
		27		Sale	36 units @ $40

Under the FIFO inventory costing method and the perpetual inventory system, how much is

Shopping.com's

cost of goods sold for the sale on

October

14?

A.

$588

B.

$948

C.

$600

D.

$1,200

Please explain how to do FIFO and LIFO so that I can learn the material. Thank you very much.