Hi,

LIFO/FIFO problem! I have the question and answer to this problem but have no idea how they got the ending numbers? Can someone please explain this?

10. The records of Atlantis Company reflected the following for the month of February: Date Transaction Number of Units 600 500 700 600 700 900 Unit Cost S3 S4 2/2 2/5 2/12 2/15 2/23 2/28 Beginning inventory Purchase No. 1 Sale No.1 Purchase No. 2 Sale No. 2 Purchase No. 3 Ending inventory S5 S6 Determine the amount of ending inventory and cost of goods sold using the following methods Method Inventory Cost of Goods Sold A. LIFO B. FIFO