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

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Reference no: EM13120497

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: EM13120497

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