Prepare a partial Inc. Stmt. for the FIFO and LIFO COGS and Closing Inv. using the inventory numbers below:
Inventory
Jan1 Balance 700 units @$7.00 4,900
Mar 6 Purch. 300 units @7.05 2,115
June 22 Purch. 8,400 units @7.50 63,000
Oct4 Purch. 500 units @8.50 4,250
Sales Rev.
Dec. 31 9,000units 127,800