DATE ACTIVITIES UNITS ACQUIRED AT COST UNITS SOLD AT RETAIL

OCT 1 Beginning Inventory 200 units @ $25.00 per unit

OCT 5 Purchase 800 units @ $27.50 per unit

OCT 10 Sales 840 units @ $42.50

OCT 20 Purchase 240 units @ $30.00 per unit

OCT 27 Purchase 400 units @ $31.00 per unit

OCT 30 Sales 320 units @ $47.50

TOTALS 1640 units 1160 units

REQUIRED:

1. Russell uses a Perpetual Inventory System. Determine the costs assigned to ending inventory and to cost of goods sold using:

(a) FIFO

(b) LIFO

(c)MOVING AVERAGE

2. Russell uses a Periodic Inventory System. Determine the costs assigned to ending inventory and to cost of goods sold using:

(a) LIFO

(b) WEIGHTED-AVERAGE