4) Samuels Manufacturing (SM) began October with merchandise inventory of 70 chairs that cost a total of $49,000. During the month, SM purchased and sold merchandise on account as follows:

Oct 7	Purchase	30 chairs @ $750 each
14	Sale	30 chairs @ 1,200 each
18	Purchase	50 chairs @ $775 each
27	Sale	40 chairs @ $1,200 each

Prepare a perpetual inventory record, using the FIFO inventory costing method, and determine the company's cost of goods sold (COGS), and ending merchandise inventory. (20pts)

Date	Purchase			Cost of Goods Sold			Inventory On Hand
	Cost	Number	Total	Cost	Number	Total	Cost	Number	Total
Oct.1
Oct.7
Oct.14
Oct.18
Oct.27
Total

5) Refer to problem #4 above, what is the companies COGS and Gross Profit use periodic LIFO costing?