1. The raw materials account of Franklin Inc. reflected the following changes during April:

Opening balance		500 units @ $10
Received		200 units @ $12
Issued	400 units
Issued	100 units
Received		300 units @ $15

Other costs during the month included the following:

Direct labor	$8,000
Factory overhead	6,000

One thousand units of product were completed, of which 800 were sold and 200 remained on hand. There was no beginning inventory in finished goods. The company uses a perpetual inventory system.

a.	Using FIFO, what are the end-of-month balances for each of the following accounts?
	(1)	Raw Materials Inventory
	(2)	Finished Goods Inventory
	(3)	Cost of Goods Sold
b.	Using LIFO, what are the end-of-month balances for each of the following accounts?
	(1)	Raw Materials Inventory
	(2)	Finished Goods Inventory
	(3)	Cost of Goods Sold