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What amounts should the company report for ending inventory

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ABC company has the following record for inventory: June1. beginning inventory was 14 units @ $42, a purchase was made for June 2 for 4 units @$69, a sale was made made June 7 for 7 units @ $111, and a final sale was made on June 13 for 5 units @ $111.

What amounts should the company report for ending inventory and COGS sold under FIFO and LIFO methods?

Which would result in the lowest net income and tax if everything else is equal?

How did you determine the method that would result in the lowest net income and tax?

Reference no: EM131562557

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