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Date Transaction # of Units Unit Cost Total Cost 1/1 Beg Balance 150 $30 $4,500 1/24 Purchase 70 33 2,310 2/22 Sale (100) - -

Date

Transaction

# of Units

Unit Cost

Total Cost

1/1

Beg Balance

150

$30

$4,500

1/24

Purchase

70

33

2,310

2/22

Sale

(100)

-

-

3/7

Purchase

90

35

3,150

4/10

Purchase

140

36

5,040

6/11

Sale

(100)

-

-

9/28

Purchase

50

38

1,900

12/4

Sale

(100)

-

-

  1. What is the cost of goods sold under a FIFO periodic inventory system?
    1. $10,500
    2. $9,610
    3. $7,290
    4. $6,150
  2. What is the ending inventory under a LIFO periodic inventory system?
    1. $10,500
    2. $9,610
    3. $7,290
    4. $6,150
  3. What is the cost of goods sold under a LIFO perpetual inventory system?
    1. $10,500
    2. $9,610
    3. $7,290
    4. $6,150
  4. What is the ending inventory under a FIFO perpetual inventory system?
    1. $10,500
    2. $9,610
    3. $7,290
    4. $6,150

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