Required information [The following information applies to the questions displayed below.] Suppose that David has elected to account for inventories and has adopted the last-in, first-out (LIFO) inventory-flow method for his business inventory of widgets (purchase prices below). Widget #1 #2 #3 Purchase Date Direct Cost Other Costs Total Cost August 15 $ 2,100 $ 100 $ 2,200 October 30 2,200 150 2,350 November 10 2,300 100 2,400 In late December, David sold one widget, and next year David expects to purchase three more widgets at the following estimated prices: Estimated Widget Purchase Date Cost #4 Early spring $ 2,600 #5 Summer 2,260 #6 Fall 2,400 a. What cost of goods sold and ending inventory would David record if he elects to use the LIFO method this year? LIFO Cost of goods sold Ending inventory b. If David sells two more widgets next year, what will be his cost of goods sold and ending inventory next year under the LIFO method? LIFO Cost of goods sold Ending inventory Required: C-1. What cost of goods sold and ending inventory would David record if he elects to use the FIFO method this year? c-2. If David sells two more widgets next year, what will be his cost of goods sold and ending inventory next year under the FIFO method? Complete this question by entering your answers in the tabs below. Req c1 Req c2 What cost of goods sold and ending inventory would David record if he elects to use the FIFO method this year? FIFO Cost of goods sold Ending inventory Req c1 Req ca If David sells two more widgets next year, what will be his cost of goods sold and ending inventory next year under the FIFO method? FIFO Cost of goods sold Ending inventory