Hanover Lighting had a beginning inventory of 15 units at a cost of $7 per unit on August 1. During the month, the following purchases and sales were made.

Purchases Sales

August 5 20 units at $8 August 2 10 units

August 11 30 units at $9 August 10 15 units

August 23 25 units at $10 August 19 40 units

August 21 15 units

Hanover uses a periodic inventory system.

Instructions: Determine ending inventory and cost of goods sold under:

FIFO

LIFO

1. FIFO:

Ending inventory = $_____________; cost of goods sold = $____________.

2. LIFO:

Ending inventory = $_____________; cost of goods sold = $____________.