question archive The following information is available for Massey Company: Beginning inventory                               600 units at $5 First purchase                                    900 units at $6 Second purchase                             500 units at $7 Assume that Massey uses a periodic inventory system and that there are 700 units left at the end of the month

The following information is available for Massey Company: Beginning inventory                               600 units at $5 First purchase                                    900 units at $6 Second purchase                             500 units at $7 Assume that Massey uses a periodic inventory system and that there are 700 units left at the end of the month

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The following information is available for Massey Company:

Beginning inventory                               600 units at $5

First purchase                                    900 units at $6

Second purchase                             500 units at $7

Assume that Massey uses a periodic inventory system and that there are 700 units left at the end of the month.

Instructions

Compute the cost of ending inventory under the

    1. FIFO method.
    2. LIFO method.

Option 1

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