Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. Prove the amount allocated to cost of goods sold under each method. E6.7 (LO 2), AP Moath Company reports the following for the month of June. Proef Total Cost 35 x 12-420 $1000 211215 88=64 Cost of June 1 Goods Sod Units Unit Cost Inventory 200 $5 12 Purchase 400 6 2,400 23 Purchase 300 7 2,100 30 Inventory 100 Instructions Cost of Good 759 Sold a. Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO and (2) LIFO. b. Which costing method gives the higher ending inventory? Why? c. Which method results in the higher cost of goods sold? Why?