Chapter 6 Ex $4 The following data was obtained from the records of Ivanovich Artists, Inc, for the current year. Sales during the year were 400 units Beginning nventory an. 1 February 1Purchase April 1 Purchase uly 1 00 units at $10 00 units at $12 00 units at $14 Purchase 60 units at $16 Required: 1. Calculate the cost of the ending inventory using: a. FIFO b. LIFO 2. Calculate the cost of goods sold by: a. FIFO. b. LIFO. Answer: 8 Points 1. a. FIFO Ending Inventory: b. LIFO Ending inventory: 2. a. FIFO Cost of Goods Sold: b. LIFO Cost of Goods Sold