The Records of Atlantis Company Reflected the Following for the Month

Essay

The records of Atlantis Company reflected the following for the month of February:
$\begin{array}{llcc}\text { Date } & {\text { Transaction }} & \text { Number of Units } & \text { Unit Cost } \\2 / 1 & \text { Beginning inventory } & 600 & \$ 3 \\2 / 2 & \text { Purchase No.1 } & 500 & \$ 4 \\2 / 5 & \text { Sale No. 1 } & 700 & \\2 / 12 & \text { Purchase No. } 2 & 600 & \$ 5\\2 / 15 & \text { Sale No. 2 } & 700 & \\2 / 23 & \text { Purchase No. } 3 & 900 &\$ 6\\2 / 28 & \text { Ending inventory} & ? &\\\end{array}$
Determine the amount of ending inventory and cost of goods sold using the following methods:
$\begin{array} { l c c c } & \text { Method } & \text { Inventory } & \text { Cost of Goods Sold } \\ \text { A. } & \text { LIFO } & \$ & \$ \\ \text { B. FIFO } & \text { F } & \$ & \$ \end{array}$