Flynt Company was formed on December 1, 2006. The following information is available from Flynt 's inventory record for Product X.

Units Unit Cost

January 1, 2007 (beginning inventory) 1,600 $18.00

Purchases:

January 5, 2007 2,600 $20.00

January 25, 2007 2,400 $21.00

February 16, 2007 1,000 $22.00

March 15, 2007 1,800 $23.00

A physical inventory on March 31, 2007, shows 2,500 units on hand.

Instructions

Prepare schedules to compute the Cost of ending inventory and the Cost of goods sold at March 31, 2007, under each of the following inventory methods:

(a) FIFO.

(b) LIFO.

. Show supporting computations in good form.