E6-6 Yount Company reports the following for the month of June.

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E6-6 Yount Company reports the following for the month of June.

Exercises 277
Units Unit Cost Total Cost
June 1 Inventory 200 $5 $1,000
12 Purchase 300 6 1,800
23 Purchase 500 7 3,500
30 Inventory 120

Instructions
(a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO and

(2) LIFO.
(b) Which costing method gives the higher ending inventory? Why?
(c) Which method results in the higher cost of goods sold? Why?