5Q.

Sales during the year were 1,060 units. Beginning inventory was 340 units at a cost of $4 per unit. Purchase 1 was 530 units at $5 per unit. Purchase 2 was 820 units at $6 per unit.

Required:

a.	Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory usingFIFO method.

Periodic FIFO	Cost of Goods Available for sale
	# of units	Cost per unit	Cost of goods available for sale	# of units sold	Cost per unit	Cost of goods sold	# of units in ending inventory	Cost per unit	Ending inventory
Beginning inventory
Purchases:
Purchas 1
Purchase 2
Total

b.	Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory usingLIFO method.

Periodic FIFO	Cost of Goods Available for Sale	Cost of Goods Sold	Inventory balance
	# of units	Cost per unit	Cost of goods available for sale	# of units sold	Cost per unit	Cost of goods sold	# of units in ending inventory	Cost per unit	Ending inventory
Beginning inventory
Purchases:
Purchas 1
Purchase 2
Total