Alpha beta gamma corp. (ABT) is a merchandising firm that sells primarily widgets. Their begining inventory (1/1/14) has 100 widgets valued $16,000 total. During the year they make the following purchases:

It takes 10 days from the date of purchase for the widgets to arrive at ABT.

During the year they make the following sales:

-> 3/15/14: 150 widgets @ $200 a piece, FOB shipping

-> 10/30/14: 200 widgets @ $230 a piece, FOB shipping

-> 12/24/14: 100 widgets @ $230 a piece, FOB destination

It takes 10 days from the date of sale for the widgets to reach ABT's costumers.

1] How many widgets will ABT show in its ending inventory on 12/31/14? Show and explain your calculations.

2] If ABT uses (periodic) FIFO inventory costing, what value will it assign to its ending inventory and to its COGS? Show your calculations.

3] If ABT uses (periodic) LIFO inventory costing, what value will it assign to its ending inventory and to its COGS? Show your calculations.