3. Under the LIFO method, what are the reported cost of sales, gross profit, and ending inventory balances for 2020?

(1.5 marks)

Question B1 The accounting division of XYZ Merchandising International has the following inventory details for the year ending 2020. XYZ sells each unit for $55 and updates inventory records periodically. Unit cost 30 35 Period 1st January 20th February 15th March 2nd May 30th July 20th November Inventory Opening balance Purchase Sold Purchase Sold Sold No of units 100 400 150 300 200 120 38