EFFECTS OF PRICE AND QUANTITY ON INVENTORY COSTING DATA. Quicksilver, Inc., is considering its choice of inventory costing for one of the items in its merchandise inventory. Quicksilver’s accountant has prepared the following data for that item:

REQUIRED:
1. What do these data imply about the number of items in beginning and ending inventory? ;
2. Can you infer from these data whether the prices at which Quicksilver purchased the items increased or decreased? Explain your answer.  D-2 

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Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold FIFO $ 50,400 LIFO $ 50,400 WEIGHTED AVERAGE $ 50,400 460,300 460,300 460,300 510,700 510,700 510,700 (72,600) (54,200) (60,900) $438,100 $456,500 $449,800