Calculating FIFO Inventory Values

The Mann Corporation began operations in 2015. Information relating to the companys purchases of inventory and sales of products for 2015 and 2016 is presented below.

2015
January 1	Purchase	200	units	@	$10	per unit
April 1	Sold	120	units	@	$25	per unit
July 1	Purchase	100	units	@	$14	per unit
September 1	Sold	130	units	@	$25	per unit

2016
January 1	Purchase	100	units	@	$16	per unit
April 1	Sold	80	units	@	$30	per unit
July 1	Purchase	100	units	@	$18	per unit
September 1	Sold	100	units	@	$35	per unit

Calculate the FIFO cost of goods sold and ending inventory for 2015 and 2016 assuming use of (a) the periodic method and (b) the perpetual method.

a. FIFO Periodic. Round to nearest whole number.

2015
Cost of goods sold	$Answer
Ending inventory	$Answer

2016
Cost of goods sold	$Answer
Ending inventory	$Answer

b. FIFO Perpetual. Round to nearest whole number.

2015
Cost of goods sold	$Answer
Ending inventory	$Answer

2016
Cost of goods sold	$Answer
Ending inventory	$Answer