CALCULATE FIFO AND LIFO

Lenovo Group Ltd. is a Chinese multinational technology company with headquarters in Beijing, China, and Morrisville, North Carolina, United States. It designs, develops, manufactures and sells personal computers, tablet computers, Smartphones, workstations, servers, electronic storage devices, IT management software, and smart televisions. In 2016, Lenovo have the following inventory on hand for January 2016:

Date	Units	Units cost	Total Cost
January 08, 2016	100	$200	$20,000
January 15, 2016	300	$250	$75,000
January 24, 2016	150	$350	$52,500
January 28, 2016	400	$230	$92,000
January 30, 2016	600	$300	$180,000
Total	1550		$419,500

Lenovo Group Ltd. sold 1,000 units during the month of January. Required: Calculate the inventory by the 31st day of 2016. Indicate how much inventory is in units and in dollars. Also calculate the Cost of Goods Sold using the following inventory methods:

FIFO

LIFO