Calculating LIFO Inventory Values.

Calculate the LIFO cost of goods sold and ending inventory for Year $1$ and Year $2$ assuming use of $($a$)$ the periodic method and $($b$)$ the perpetual method.

a$.$ LIFO Periodic. Round to nearest whole number.

b$.$ LIFO Perpetual. Round to nearest whole number.Calculating LIFO Inventory Values.

The Mann Corporation began operations in Year $1.$ Information relating to the company's purchases of inventory and sales of products for Year $1$ and Year $2$ is presented below.

Year $1$

February $1$ Purchase $200$ units @ $$160$ per unit

May $1$ Sold $120$ units @ $$400$ per unit

August $1$ Purchase $100$ units @ $$224$ per unit

October $1$ Sold $130$ units @ $$400$ per unit

Year $2$

February $1$ Purchase $100$ units @ $$256$ per unit

May $1$ Sold $80$ units @ $$480$ per unit

August $1$ Purchase $100$ units @ $$288$ per unit

October $1$ Sold $100$ units @ $$560$ per unit

Calculate the LIFO cost of goods sold and ending inventory for Year $1$ and Year $2$ assuming use of $($a$)$ the periodic method and $($b$)$ the perpetual method.

a$.$ LIFO Periodic. Round to nearest whole number.

Year $1$

Cost of goods sold Answer

$0$

Ending inventory Answer

$0$

Year $2$

Cost of goods sold Answer

$0$

Ending inventory Answer

$0$

b$.$ LIFO Perpetual. Round to nearest whole number.

Year $1$

Cost of goods sold Answer

$0$

Ending inventory Answer

$0$

Year $2$

Cost of goods sold Answer

$0$

Ending inventory Answer

$0$