1 - Hamilton Company uses a periodic inventory system and has the following account balances: Beginning Inventory $140,000, Ending Inventory $120,000, Freight-in $20,000, Purchases $680,000, Purchase Returns and Allowances $8,000, and Purchase Discounts $4,000

Instructions: Compute each of the following:

a) Net cost of purchases

b) Cost of goods available for sale

c) Cost of goods sold

2 - Periodic Inventories

ABC Company uses the periodic inventory method and had the following inventory information available for the month of March.

Date Transaction Units Unit Cost

3/1 Beginning inventory 100 $2

3/5 Purchase No. 1 200 $3

3/18 Purchase No. 2 200 $3.5

3/30 Purchase No. 3 100 $4

During March, 400 units were sold.

A physical count of units on March 31 revealed that 200 units were on hand.

Instructions:

a) Determine Goods Available for Sale in units and amount.

b) Determine COGS and cost of Ending Inventory on March 31 under the methods:

i) FIFO

ii) LIFO