The following information is available for Yancey Company: 
Assume that Yancey uses a periodic inventory system and that there are 700 units left at the end of the month.
Instructions
Compute the cost of ending inventory under the
(a) FIFO method.
(b) LIFO method.
Definitions:
Stockout Cost
The cost associated with running out of stock, including lost sales, backorders, and potentially reduced customer satisfaction and loyalty.
Inventory Holding Cost
Expenses related to storing unsold goods, including warehousing, insurance, depreciation, and opportunity costs.
Subcontractingcost
The expense incurred when a business hires outside contractors to perform tasks that could be done internally or as part of a project.
Inventory Holding Cost
Inventory holding cost refers to the total cost associated with storing unsold goods or materials, including warehousing, depreciation, insurance, and obsolescence costs.
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