The inventory records of Martin Corporation below reflected the following information for the month of August.

Determine the amount of the ending inventory and cost of goods sold under each of the following methods assuming the periodic inventory system. Assuming a physical count shows there are 1,300 units in the ending inventory.

FIFO

LIFO.

Which method gives the highest Net Income?

Which method gives the highest assets value?

Date	Transaction	Number of Units	Unit Cost
8/1	Beginning inventory	400	$5
8/3	Purchase No. 1	400	$5
8/5	Sale No. 1	600
8/7	Sale No. 2	100
8/11	Purchase No. 2	1000	$7
8/17	Sale No. 3	700
8/19	Purchase No. 3	1000	$7
8/21	Sale No. 4	600
8/28	Sale No. 5	600
8/29	Purchase No. 4	1200	$9
8/30	Ending Inventory