b

Sales during the year were 540 units. Beginning inventory was 210 units at a cost of $4 per unit. Purchase 1 was 270 units at $5 per unit. Purchase 2 was 430 units at $6 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. (Enter all values as a positive value.) Periodic FIFO Cost of Goods Available for Sale #of Cost per Cost of Goods units unit Available for Sale 210 s 4 $ 840 Cost of Goods Sold # of units Cost per Cost of sold Goods Sold Inventory Balance # of units Cost per Ending in ending unit Inventory inventory unit Beg. Inventory Purchases: Purchase 1 Purchase 2 Total 5 270 5 1,350 270 430 910 6 1,350 2,580 4.770 $ 270 $ 1,350 0 $ 0 b. Assume the periodic Inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method (Enter all values as a positive value.) Periodic LIED Cost of Goods Available for Sale #of Cost of Goods Cost per units unit Available for Salo 0 Cost of Goods Sold of units Cost per Cost of sold unit Goods Sold Inventory Balance of units Cost per Ending in ending unit Inventory Inventory Beg. Inventory Purchases Purchase 1 Purchase 2 Total 0 0 0 0 $ 0 0 $ 0