date$$

Number of units$$

Price per unit$$

Total cost$$

$01/05/2020$

$500$

$$1\mathrm{.}00$

$$500\mathrm{.}00$

$1/7/2020$

$100$

$$2\mathrm{.}00$

$$200\mathrm{.}00$

$1/9/2020$

$300$

$$3\mathrm{.}00$

$$900\mathrm{.}00$

$1/15/2020$

$250$

$$4\mathrm{.}00$

$$1,000\mathrm{.}00$

$$

$$

$$

$$

Total$$

$1150$

$$

$$2,600\mathrm{.}00$

units available for sale$$

$1150$

$$

$$

$$

On $1/31/20,500$ units were sold.$$

$$

$1.$ Assume LIFO method is used, what is cost of goods sold expense for the $1/31/20$ transaction?$$

$2.$ Assume LIFO method is used, what is ending inventory after the $1/31/20$ sale?$$

$3.$ Assume FIFO method is used, what is cost of goods sold expense for the $1/31/20$ transaction?$$

$4.$ Assume FIFO method is used, what$$ is ending inventory after the $1/31/20$ sale?$$

$5.$ In periods of rising prices, which method yields the lowest net income?$$ Remember$$ Revenues $$ Expenses $=$ Net Income$$

a$.$ LIFO$$

b$.$ FIFO$$

c$.$ Average costing$$