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Date Transaction # Of Units Unit Cost Total Cost Jan. 1 Beginning inventory 20 $35 $ 700 Jan. 8 Purchase 50 $40 $2,000 Jan. 15

Date

Transaction

# Of

Units

Unit

Cost

Total

Cost

Jan. 1

Beginning inventory

20

$35

$ 700

Jan. 8

Purchase

50

$40

$2,000

Jan. 15

Sales to customers

60

(i) What amount is reported for Cost Of Goods Sold using the Perpetual FIFO system?

(ii) What amount is reported for Ending Inventory using the Perpetual FIFO system?

(iii) What amount is reported for Cost Of Goods Sold using the Perpetual LIFO system?


(iv) What amount is reported for Ending Inventory using the Perpetual LIFO system?

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