Ultimate Corporation has assembled their management team to review their current inventory methods. They wish to ensure the optimal reporting figures for the upcoming quarter.

Required:

1. Determing the Ending Inventory and Cost of Goods Sold under:
   1. FIFO
   2. LIFO
2. Which inventory method results in the lowest inventory turnover ratio for the quarter?
3. If the company decides to change their inventory reporting method what would be required?

Below is a summary of their Inventory transactions: Date Purchase Price Units Sold Selling Price Units Purchased Jan 4 1500 $80 Jan 15 800 $76 Feb 8 700 $120 Feb 15 400 $82 Feb 28 1200 $122