Jan 1 Beg inventory Feb 1 Purchase #1 Mar 1 Purchase #2 Goods available for sale 20 units @ $20 per unit = 30 units @ $30 per unit = 40 units @ $40 per unit = 90 units $ 400 900 1,600 $2.900 01 Assume 60 units were sold. Using FIFO and LIFO, calculate the cost allocated to cost of goods sold (COGS) and ending inventory in the space provided below. + COGS ENDING INVENTORY FIFO LIFO Q2 Examine the results above. In a period of inflation: a. (FIFO LIFO) reports the greatest amount for COGS (Cost of goods sold). b. (FIFO LIFO) allocates the higher, more recent costs to the balance sheet. C. Which 60 units were really sold?