CorpX has 50 units in beginning inventory with a cost of $300.

During the year purchases were made as follows: January 15- 100 units @ 5.75 per unit = $575 total cost

June 15- 100 units @ 5.50 per unit = $550 total cost

October 20-50 units @ 5.00 per unit = $250 total cost

Total Units = 250 $1375 total cost

An inventory count at year end reveals 60 units in ending inventory.

Required:

1-what is the ending inventory under:

LIFO, FIFO, average cost methods

2- what is the cost of goods sold under:

LIFO, FIFO, average cost methods

3- what is the LIFO reserve

4 -which method should the company utilize? Why? What is the dollar benefit?