Final answer:
The ending inventory using the FIFO method is 450 units. The ending inventory using the LIFO method is also 450 units. The cost of goods sold using the FIFO method is $15,550 and using the LIFO method is $15,400.
Step-by-step explanation:
The ending inventory can be calculated using the FIFO (First-In, First-Out) method by assuming that the units purchased first are sold first. In this case, the 100 units in the beginning inventory will be considered first, followed by the purchases in chronological order. So the ending inventory will include 100 units from the beginning inventory, 150 units purchased on January 10, and 200 units purchased on March 15, for a total of 450 units.The ending inventory can be calculated using the LIFO (Last-In, First-Out) method by assuming that the units purchased last are sold first. In this case, the July 1 purchase of 100 units will be considered first, followed by the purchases in reverse chronological order. So the ending inventory will include 100 units purchased on July 1, 200 units purchased on March 15, and 150 units purchased on January 10, for a total of 450 units.
The cost of goods sold using the FIFO method can be calculated by subtracting the ending inventory from the sum of the beginning inventory and purchases. In this case, the cost of goods sold would be calculated as: ($6 per unit × 100 units) + ($7 per unit × 150 units) + ($8 per unit × 200 units) - ($6 per unit × 100 units) - ($7 per unit × 150 units) - ($8 per unit × 200 units) = $15,550.The cost of goods sold using the LIFO method can be calculated in the same way, with the ending inventory subtracted from the sum of the beginning inventory and purchases. In this case, the cost of goods sold would be calculated as: ($6 per unit × 100 units) + ($7 per unit × 150 units) + ($8 per unit × 200 units) - ($9 per unit × 100 units) = $15,400.