Exercise 6-7 Cullumber Company uses the periodic inventory system and reports the following for the month of June. Unit Cost $3 June 1 12 23 30 Inventory Purchase Purchase Inventory Units 200 400 300 100 Total Cost $ 600 2,800 3,000 Compute the cost of the ending inventory and the cost of goods sold under FIFO and LIFO. FIFO LIFO Cost of the ending inventory s Cost of goods sold LINK TO TEXT VIDEO: SIMILAR EXERCISE Which costing method gives the higher ending inventory? LINK TO TEXT VIDEO: SIMILAR EXERCISE Which method results in the higher cost of goods sold? Click if you would like to Show Work for this question: Open Show Work