A) FIFO and LIFO Costs Under Perpetual Inventory System

The following units of an item were available for sale during the year:

Beginning inventory 24 units at $47

Sale 8 units at $75

First purchase 34 units at $50

Sale 16 units at $77

Second purchase 15 units at $51

Sale 14 units at $78

The firm uses the perpetual inventory system, and there are 35 units of the item on hand at the end of the year.

-What is the total cost of the ending inventory according to FIFO?

$__________

-What is the total cost of the ending inventory according to LIFO?

$__________

B) Periodic inventory by three methods; cost of goods sold

The units of an item available for sale during the year were as follows:

Jan. 1	Inventory	40 units at $98
Mar. 10	Purchase	40 units at $108
Aug. 30	Purchase	20 units at $114
Dec. 12	Purchase	100 units at $120

There are 40 units of the item in the physical inventory at December 31. The periodic inventory system is used.

Determine the ending inventory cost and the cost of goods sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar.

Cost of Ending Inventory and Cost of Goods Sold

Inventory Method	Ending Inventory	Cost of Goods Sold
First-in, first-out (FIFO)	$___________	$___________
Last-in, first-out (LIFO)	____________	______________
Weighted average cost	____________	_______________