Assume that Marin Company has the following transactions in its first month of operations.

Date		Purchases		Sold		Balance
Feb. 1		2,000 @ $4.20				2,000 units
Feb. 10		6,400 @ $4.55				8,400 units
Feb. 21				4,000 units		4,400 units
Feb. 28		1,900 @ $4.90				6,300 units

Marin uses a perpetual inventory system.

(a)

Correct answer iconYour answer is correct.

Compute cost of goods sold and ending inventory at February 28, assuming Marin uses the FIFO cost flow assumption.

Cost of goods sold		$
Ending inventory		$

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(b)

Incorrect answer iconYour answer is incorrect.

Compute cost of goods sold and ending inventory at February 28, assuming that Marin uses the LIFO cost flow assumption.

Cost of goods sold		$
Ending inventory		$