Determine the costs assigned to ending inventory and to cost of goods sold using

FIFO

LIFO

with expalanations pls!

Sony reported the followng current-year purchases and sales data for its only product. Date Activities Units Sold at Retail Units Acquired at Cost 100 units @ $10 $1 000 90 units @ $40 Jan.01 Jan. 10 Mar.14 Mar.15 Jul 30 Oct.05 Oct.26 250 units @ $15 $3750 Beginnng Inventory Sales Purchase Sales Purchase Sales Purchase Totals 140 units @ $40 400 units @ $20 $8 000 300 units @ $40 600 units @ $25 1,350 unints $15 000 $27 750 530 units TASK 1. Determine the costs assigned to ending inventory and to cost of goods sold using: a) FIFO b) LIFO