Given the following information, compute the cost of ending inventory and cost of goods sold under the LIFO method. Oriole Appliances Washer Hoses Date Jan. 1 Mar. 22 Jul. 3 Oct. 31 Date Jan. 1 Mar. 22 Explanation Beginning Inventory Purchase Purchase Purchase Total units available for sale Units in ending inventory Units sold Less: Ending inventory Units Cost of goods available for sale $ Cost of goods sold Step 2 Cost of Goods Sold $ $ Units 47 110 220 63 440 (102) 338 Unit Cost $ 8 10 Step 1 Ending Inventory 9 12 Unit Cost Total Cost $ 376 990 2,200 756 $ 4,322 $ Total Cost

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