(b) Determine the ending inventory and cost of goods sold under each of the assumed cost flow methods. Prove the accuracy of the cost of goods sold under FIFO and LIFO.

FIFO

(1) Ending Inventory	(2) Cost of Goods Sold
Date	Units	Unit Cost	Total Cost	Cost of goods available for sale	77,100
	5200	3	15600	Less: ending inventory	42,100
	5300	5	26,500
Total	10,500	Total	42,100	Cost of Goods Sold	Amount

Proof of Cost of Goods Sold (FIFO)
Date	Units	Unit Cost	Total Cost
	Amount		Amount
	Amount		Amount
	Amount		Amount
	Amount		Amount
Total	Amount	Total	Amount

LIFO

(1) Ending Inventory	(2) Cost of Goods Sold
Date	Units	Unit Cost	Total Cost	Cost of goods available for sale	Amount
	Amount		Amount	Less: ending inventory	Amount
	Amount		Amount
Total	Amount	Total	Amount	Cost of Goods Sold	Amount

Proof of Cost of Goods Sold (LIFO)
Date	Units	Unit Cost	Total Cost
	Amount		Amount
	Amount		Amount
	Amount		Amount
	Amount		Amount
Total	Amount	Total	Amount

AVERAGE COST (Round to the nearest decimal, i.e., $1.01)

(1) Ending Inventory	(2) Cost of Goods Sold
	Units	Unit Cost	Total Cost	Cost of goods available for sale	Amount
	Amount		Amount	Less: ending inventory	Amount
Total	Amount	Total	Amount	Cost of Goods Sold	Amount

(c) Which cost flow method results in (1) the highest inventory amount for the balance sheet and (2) the highest cost of goods sold for the income statement?

Enter your answer here

Problem 6-3B

(a) Determine the Cost of Goods Available for Sale

Date	Explanation	Units	Unit Cost	Total Cost
	Total