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YZ Corporation uses the FIFO method for inventory valuation. It made the following purchases and sales of a product during the month: Beginning Inventory: 100

YZ Corporation uses the FIFO method for inventory valuation. It made the following purchases and sales of a product during the month:

  • Beginning Inventory: 100 units at $10 each
  • Purchase 1: 200 units at $12 each
  • Purchase 2: 150 units at $15 each
  • Sale 1: 200 units
  • Sale 2: 150 units
  • Calculate the cost of goods sold and ending inventory using the FIFO method.

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