(1)Ayayai Ltd. reports the following inventory transactions in a periodic inventory system for the month of June. A physical inventory count determined that 1,750 units were on hand at the end of the month.

Date			Explanation		Units		Units Cost		Total Cost
June	1		Beginning inventory		1,650		$5		$8,250
	12		Purchases		2,330		6		13,980
	16		Purchases		4,760		7		33,320
	23		Purchases		1,650		8		13,200

Determine the cost of the ending inventory and cost of goods sold using (1) FIFO and (2) average cost. (Round FIFO answers to the nearest whole dollar, e.g. 5,275 and Average cost answers to 2 decimal places, e.g. 15.25.)

		FIFO		Average
Cost of the ending inventory		$enter a dollar amount		$enter a dollar amount
Cost of goods sold		$enter a dollar amount		$enter a dollar amount

(2) Riverbed Inc. is a retailer using the periodic inventory system. All sales returns from customers result in the goods being returned to inventory. (Assume that the inventory is not damaged.) Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Riverbed Inc. for the month of January.

Date		Description		Quantity		Unit Cost or Selling Price
Dec. 31		Beginning inventory		160		20
Jan. 2		Purchase		100		23
Jan. 6		Sale		180		41
Jan. 9		Sale return		10		41
Jan. 9		Purchase		75		24
Jan. 10		Purchase return		15		24
Jan. 10		Sale		50		45
Jan. 23		Purchase		100		26
Jan. 30		Sale		120		50

(a)

Calculate (i) cost of goods sold and (ii) ending inventory using FIFO. (Assume sales returns had a cost of $20 and purchase returns had a cost of $24.)

(i)		Cost of goods sold		$enter a dollar amount
(ii)		Ending inventory		$enter a dollar amount

(3) Marigold Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations:

Date			Explanation		Units		Unit Cost		Total Cost		Balance in Units
Aug.	2		Purchases		259		$70		$18,130		259
	3		Purchases		493		99		48,807		752
	10		Sales		(283	)					469
	15		Purchases		876		118		103,368		1,345
	25		Sales		(341	)					1,004

(a).

Calculate the cost of goods sold and ending inventory using the FIFO cost method.

Cost of goods sold	$enter a dollar amount
Ending inventory	$enter a dollar amount