1. Perpetual Inventory Using LIFO

Beginning inventory, purchases, and sales for Item Foxtrot are as follows:

Mar. 1		Inventory	270 units at $18
8		Sale	225 units
15		Purchase	375 units at $20
27		Sale	240 units

Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on March 27 and (b) the inventory on March 31.

a.	Cost of merchandise sold on March 27	$
b.	Inventory on March 31	$

2. The following data were gathered to use in reconciling the bank account of Conway Company:

Balance per bank	$23,900
Balance per company records	8,700
Bank service charges	50
Deposit in transit	5,500
Note collected by bank with $450 interest	9,450
Outstanding checks	11,300

a. What is the adjusted balance on the bank reconciliation?

b. Journalize any necessary entries for Conway Company based on the bank reconciliation. For a compound transaction, if an amount box does not require an entry, leave it blank.