Can you please answers all of the questions for E5.7

T you Tuuna toP each method? E5.7 Calculate inventory and cost of sales using FIFO, LIFO and average cost. 05 Fenning Pty Ltd reports the following for the month of June: Date June 1 12 23 30 Explanation Inventory Purchases Purchases Inventory Units 200 300 500 180 Unit cost $10 12 14 Total cost $2 000 3 600 7 000 Required a. Calculate cost of the ending inventory and the cost of sales under (1) FIFO, (2) b. Which costing method gives the highest ending inventory and the highest cost of c. How do the average cost values for ending inventory and cost of sales compare d. Explain why the average cost is not $12. LIFO and (3) average cost sales? Why? with ending inventory and cost of sales for FIFO and LIFO? E5.8 Calculate and explain the lower of cost and net realisable value