FIFO LIFO accounting question.
Minh Lo uses a periodic inventory system.
I understand that FIFO is using unit values of ascending chronological order, ie: sept 5, sept 18, sept 25.
And LIFO is the opposite, using unit values of descending chronological order, ie: sept 25, sept 18, sept 5
However I do not know how to do this question, what does the 400 in hand have to do with it? I have only seen these problems with a sales component so you can subtract the sales from inventory and purchases to get ending inventory, then apply FIFO LIFO rules to get their respective ending inventories.