Inventory information for Part 311 of Coronado Corp. discloses the following details for the month of June:- **June 1**: Starting balance of 300 units at a cost of $14 per unit. - **June 10**: Sold 203 units at a selling price of $32 per unit.- **June 11**: Purchased additional 804 units at a cost of $16 per unit. - **June 15**: Sold 496 units at a selling price of $34 per unit.- **June 20**: Purchased additional 502 units at a cost of $18 per unit. - **June 27**: Sold 298 units at a selling price of $36 per unit. **Task: Calculating Inventory Costs Using LIFO and FIFO Methods**Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under:1. **LIFO** (Last-In, First-Out)2. **FIFO** (First-In, First-Out)| | (1) LIFO | (2) FIFO ||-----------------------------|----------|----------|| **Cost of Goods Sold** | $ | $ || **Ending Inventory** | $ | $ |This table is designed to help calculate inventory costs using two different accounting methods. Fill in the blanks for each method to determine the financial outcomes.

Name: Inventory information for Part 311 of Coronado Corp. discloses the fo
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Inventory information for Part 311 of Coronado Corp. discloses the following details for the month of June:- **June 1**: Starting balance of 300 units at a cost of $14 per unit. - **June 10**: Sold 203 units at a selling price of $32 per unit.- **J