A company made the following merchandise purchases and sales during the current month:

There was no beginning inventory. If the company uses the FIFO (first-in, first-out) perpetual inventory system, what would be the cost of the ending inventory? What is the Cost of Goods Sold for each sale?

What is the cost of Goods Sold for each sale under LIFO?

July 1 July 5 July 9 July 14 July 20 July 30 purchased 380 purchased 270 sold 500 purchased 300 sold 250 purchased 250 units at units at units at units at units at units at $15 each $20 each $55 each $24 each $55 each $30 each