1. Janet Company started business on March 1st and applies the periodic inventory system. It had the following inventory transactions:

Purchases:

Date Received Quantity Unit Cost

3/4 72 $5.00

3/12 48 $8.00

3/20 75 $10.00

A physical count on March 31st revealed that there were 85 units of inventory on hand.

Compute the amount of cost of goods sold using the LIFO method.

2.

Sally Company started business on March 1st and applies the periodic inventory system. It had the following inventory transactions:

Purchases:

Date Received Quantity Unit Cost

3/4 72 $7.50

3/12 48 $8.00

3/20 75 $10.00

A physical count on March 31st revealed that there were 85 units of inventory on hand.

Compute cost of goods sold using the FIFO method.