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

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Yount Company reports the following for the month of June.

Units Unit Cost Total Cost 1-Jun 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?
(c) Which method results in the higher cost of goods sold?