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The Brooklyn Clinic maintains and sells inventories of medical supplies for its patients. The following...

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Accounting

The Brooklyn Clinic maintains and sells inventories of medical supplies for its patients. The following represents the activity for the past fiscal year:
Beginning inventory of 100 medical supplies at $1,000 each
Purchased 200 medical supplies at $1,250 each in February
Purchased 100 medical supplies at $1,500 each in October
Sold 350 medical supplies for the year at $2,500 each
Calculate the inventory expense and ending inventory values under the FIFO and LIFO inventory methods.

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