a D 1 The Hogwarts Company began business on January 1st 2021 by selling 4000 shares of stock for $10 each 2 Hogwarts sells wands to deserving Hogwarts students During 2021 Hogwarts had the following transactions: 4 5 January 3rd purchased 300 wands at $20 each 7 July 5th purchased 400 wands at $25 each October 31st purchased 500 wands at $30 each 10 11 December 10th purchased 600 wands at $33 each 12 1 On December 31st, Hogwarts counted the wands in their warehouse and revealed that they still had 500 wands 14 15 Hogwarts sells wands for $40 each 16 Hogwarts makes all sales and purchases for cash 12 Hogwarts is in the 20% tax bracket and paid their income tax bill on December 31st 10 19 REQUIRED: 20 A) HOGWARTS USES FIFO (FIRST IN FIRST OUT) a) determine: ending inventory (dollars not units) cost of goods sold ending cash net income 21 22 23 24 25 26 27 23 29 30 B) HOGWARTS USES LIFO (LAST IN FIRST OUT) a) determine: ending inventory (dollars not units) cost of goods sold ending cash net income 31 32 33 34