A company uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of February are as follows:

Purchase Feb 4: 15 gadgets @ $10 ea

Purchase Feb 13: 14 gadgets @ $12 ea

Purchase Feb 27: 23 gadgets @ $15 ea

Hint: On Feb 17 (before the Feb 27 purchase) the company sold 20 units of the gadget.

Question 1: Assuming the company uses the LIFO flow assumption what is the cost of godds sold to be recorded on Feb 17?

6 gadgets @ 10=60

14 gadgets @ 12=168

60+128=228 COGS

Question 2: Assuming LIFO what is ending inventory on Feb 28?

Beg inventory+purchases-COGS

673-228=445 ending inventory