Karim Company was formed on December 1, 2016. The following information is available from Karims inventory record for Product X.

Units Unit Cost

January 1, 2017 (beginning inventory) 1,600 $18.00

Purchases:

January 5, 2017 2,600 $20.00

January 25, 2017 2,400 $21.00

February 16, 2017 1,000 $22.00

March 15, 2017 1,800 $23.00

The total sales at 30 of March, 2017, shows 6900 units.

Instructions

Prepare schedules to compute the Cost of ending inventory and the Cost of goods sold at March 31, 2017, under each of the following inventory methods:

(a) FIFO.

(b) LIFO.