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5. The following information relates to inventory for Payless Shoe Source Date Quantity Price March 1 Beginning Inventory 10 $5 March 7 Purchase 15 $8

5. The following information relates to inventory for Payless Shoe Source Date Quantity Price March 1 Beginning Inventory 10 $5 March 7 Purchase 15 $8 March 11 Purchase 18 $10 March 12 Sale 20 1. At what amount would Payless report ending inventory using FIFO cost flow assumptions? 2. What is the cost of goods sold using LIFO

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