Choose to do either question #1 or #2 and whichever method of inventory you would like to use LIFO, FIFO, or average cost method for that inventory system.

You may choose to calculate ending inventory for all three methods for both periodic and perpetual.

1. Use this information to answer the following question using the periodic inventory system.

Oct. 1 Inventory 200 units @ $12.00

Oct. 6 Purchase 300 units @ $13.20

Oct.13 Purchase 100 units @ $14.40

Oct. 20 Purchase 200 units @ $15.60

Oct. 25 Purchase 40 units @ $16.80

Total sales 620 units

2. Use this information to answer the following question using the perpetual inventory system.

Aug 1 Beginning inventory 10 units @ $130

Aug 5 Purchase 60 units @ $122

Aug 14 Sale 40 units

Aug 21 Purchase 30 units @ $126

Aug 31 Sale 28 units