In June, Dakota Company reports the following for the month of June.

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(a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO and (2) LIFO.

(b) Which costing method gives the higher ending inventory? Why?

(c) Which method results in the higher cost of goods sold? Why?

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Units Unit Cost Total Cost June 1 Inventory 12 Purchases 23 Purchases 200 $5 $1,000 300 500 19 6 1,800 7 3,500 30 Inventory 180