Urgentt

Information relating to METU's purchases of Product X during September is shown below. During the same month, 100 units were sold. METU's uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 20 $ 96 $ 1920 Sept. 12 Purchases 40 103 4120 Sept. 19 Purchases 20 105 2100 Sept. 26 Purchases 50 104 5200 Total 130 $13340 Instructions (a) Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. Prove the amount allocated to cost of goods sold under each method. (b) For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold