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Find the cost of goods sold

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Question - A new textbook is published in the spring of 2011. Your campus bookstore buys 400 copies at $70 each in June, an additional 1,000 copies in August at $72 each, and 600 copies in December at $75 each. At the end of December 2011, the bookstore has sold 1,900 copies of the text.

Find the cost of goods sold and the cost of ending inventory:

1) under the FIFO method.

2) under the LIFO method.

Reference no: EM131870546

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