Exercise to calculate FIFO and LIFO. Warner International, Inc. has the following inventory at hand, in order of acquisition in August 2016: 

Date	Units	Units cost	Total Cost
August 01, 2016	500	$20	$10,000
August 03, 2016	800	$24	$19,200
August 07, 2016	700	$26	$18,200
August 10, 2016	800	$28	$22,400
August 12, 2016	900	$30	$27,000
Total	3700		$96,800

Warner International, Inc. sold 2,400 units during the month of August Is required: Calculate the inventory as of August 31, 2016. Indicate how much is in units and dollars. Also calculate the Cost of Goods Sold using the following inventory methods: 1. FIFO 2. LIFO