Concord Company uses a periodic system reports the following for the month of June.

				Units			Unit Cost			Total Cost
June 1		Inventory		200			$5			$ 1,000
12		Purchase		450			6			2,700
23		Purchase		320			7			2,240
30		Inventory		120

Compute the cost of the ending inventory and the cost of goods sold under FIFO and LIFO.

		FIFO		LIFO
Cost of the ending inventory		$		$
Cost of goods sold		$		$

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Which costing method gives the higher ending inventory? LIFO methodAverage-cost methodFIFO method LINK TO TEXT

Which method results in the higher cost of goods sold? LIFO methodFIFO methodAverage-cost method