Cost ofGoodsSoldUsing FIFOMethodvs. LIFI Method -

1. Arnold, Inc. had the following inventoryin fiscal 2016.The company wants to COMPARE the FIFO method of accounting for inventory against the LIFO method.

Beginning Inventory, January 1, 2016: 60 units @ $14.00
Purchase 200 units @ $18.00
Purchase 50 units @ $13.50
Purchase 160 units @ $19.75
Ending Inventory, December 31, 2016: 120 units

1. What is the companys cost of goods sold forfiscal 2016 using the FIFO method? _________
2. What is the companys cost of goods sold using the LIFO method? _____________

How did you compute the Cost of Goods Sold?