3. Perpetual LIFO and Periodic FIFO. Matlock Corporation sells item A as part of its product line. Information as to balances on hand, purchases, and sales of item A are given in the following table for the first six months of 2017. Quantities Unit Price Date Purchased Sold Balance of Purchase January 11 400 $4.65 January 24 1,300 1,700 $4.90 February 8 300 1,400 March 16 560 840 June 11 600 1,440 $5.10 Instructor Note: Provided the above, I would first re-order the transactions by date. I have done that for you (see below).

Perpetual inventory schedule Activity Units $/Unit Jan 11 Balance 400 4.65$ Jan. 24 Purchased 1,300 4.90$ Jan 24 Balance 1,700 Feb. 8 Sold 300 Feb. 8 Balance 1,400 March 16 Sold 560 March 16 Balance 840 June 11 Purchased 600 5.10$ Ending Inventory 1,440 Instructions

(a) Compute the ending inventory at June 30 under the perpetual LIFO inventory pricing method.

(b) Compute the cost of goods sold for the first six months under the periodic FIFO inventory pricing method. Note: Periodic (COGS) would basically take total units sold and apply to the oldest inventory...