Inventory Costing Methods The following data are for the Evans Company, which sells just one product: Units Unit Cost Beginning inventory January 1 200 $40 Purchases: February 11 500 $56 May 18 400 $64 October 23 100 $80 Sales March 1 July 1 400 400 Calculate the value of ending inventory and cost of goods sold using the periodic method an method. Cost of goods sold Ending inventory a. FIFO b. LIFO