Calculation (15 points):

1. Roo Inc. maintains a perpetual inventory system. Calculate the cost of merchandise sold for the month AND the value of the ending inventory using the LIFO and FIFO. (15 points, 8 points for filling blank, 7 points for calculation procedure.)

3-Mar	Inventory	12 t-shirts	$17
11-Mar	Purchase	13 t-shirts	$20
14-Mar	Sale	18 t-shirts
21-Mar	Purchase	9 t-shirts	$15
26-Mar	Sale	10 t-shirts

First in First out (FIFO): Late in First out (LIFO):

________Cost of merchandise sold _______Cost of merchandise sold

_________Value of ending inventory _______Value of ending Inventory