Using both LIFO and FIFO methods, calculate the Cost of Goods Sold, Ending Inventory, and Gross Profit, utilizing the following facts below. MAKE SURE TO SHOW YOUR WORK FOR FULL POINTS.

Facts:

Prescott Co. uses the periodic method of accounting for its inventory transactions. Prescott Co. only carries one brand and size of wood palletsall are identical. Each batch of wood pallets purchased is carefully coded and marked with its purchase cost.

February 1		Beginning inventory 234 wood pallets at a cost of $230 per pallet.
February 3		Purchased 69 pallets at a cost of $233 each.
February 21		Purchased 131 pallets at a cost of $238 each.
February 25		Sold 364 pallets for $478 each.

Assume Prescott Co. uses the FIFO cost flow assumption. Calculate Cost of Goods Sold and Ending Inventory. How much gross profit would they report under this cost flow assumption? Show your work in the spaces below.

Assume Prescott Co. uses the LIFO cost flow assumption. Calculate Cost of Goods Sold and Ending Inventory. How much gross profit would they report under this cost flow assumption? Show your work in the spaces below.