Problem:
Assume your company has the following inventory changes during the year: Beginning inventory 20 units valued at $7,500 each January purchases 10 units at $8,500 each April purchases 15 units at $8,750 each Total units used in May 30 (Note: There were no units used until May, only purchases)
Required:
Calculate the value of the ending inventory and the value of the inventory used (the inventory expense) for the year using both the FIFO and LIFO methods.
Note: Please describe comprehensively and provide step by step solution.