Problem: During 2003, A Company and Z Company made the following identical purchases in the order shown:
100 units @ $10.00 each
200 units @ $10.50 each
200 units @ $11.50 each
100 units @ $12.00 each
Each company sold 400 units but A Company uses LIFO inventory costing and Z Company uses FIFO inventory costing. Assume there was no beginning inventory. Calculate the value of ending inventory for both companies and the cost of goods sold for both companies.