Calculating LIFO 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
February 1	Purchase	200	units	@	$10	per unit
May 1	Sold	120	units	@	$25	per unit
August 1	Purchase	100	units	@	$14	per unit
October 1	Sold	130	units	@	$25	per unit

2016
February 1	Purchase	100	units	@	$16	per unit
May 1	Sold	80	units	@	$30	per unit
August 1	Purchase	100	units	@	$18	per unit
October 1	Sold	100	units	@	$35	per unit

Calculate the LIFO cost of goods sold and ending inventory for 2015 and 2016 assuming use of (a) the peri- odic method and (b) the perpetual method.

a. LIFO 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. LIFO Perpetual. Round to nearest whole number.

2015
Cost of goods sold	$Answer
Ending inventory	$Answer

2016
Cost of goods sold	$Answer
Ending inventory	$Answer