The following data was obtained from the records of Ivanovich Artists, Inc.,

for the current year. Sales during the year were $285$ units. $($SHOW YOUR

WORK$)$

Required: Calculate the cost of the ending inventory AND cost of goods sold

using:

a$)$ FIFO $($First$-$in$,$ first$-$out$)$

b$)$ LIFO $($Last$-$in$,$ first$-$out$)$

c$)$ Average cost

d$)$ Sales price per unit is $$35.$ Operating expenses were $$2,200.$ Ignore

Income Taxes. Prepare an Income statement using LIFO numbers you

calculated in b$)$