1. Inventory Costing Methods!Last-in, first out (LIFO)!First-in, first out (FIFO)!Moving Average!Specific Identification!Daniella Mendicino 11689395

2. What isinventory? 3. First in First Out FIFO!1 2 3 4 4. LUCYS T-SHIRTSLucy owns a t-shirt shop, shepurchases the t-shirts for herstore and intends to sell themto her customers.LUCY 5. Lucys T-shirts Purchases and Salesduring the month of January.-Beginning Inventory (1st Jan): 5 t-shirts, $15.50each, $77.50 TOTAL.-2nd Jan Purchase: 3 t-shirts, $9.90 each, $29.70TOTAL.Inventory on hand: 8 T-shirts, Total: $107.20 6. - 2nd Jan Sale: 3 T-shirts, $15.50 each, $46.50TOTALInventory on hand (end 2nd Jan) 5 T-shirts, Total $60.70- 10th Jan Sale: 4 T-shirts 2x $15.50 and 2x $9.90, $50.80TOTALInventory on hand (end 10th Jan) 1 T-shirt $9.90 7. Thank you!Daniella Mendicino 11689395