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Doc Gibs Company had a beginning inventory of 350 units with a total cost of $2,275. During the year purchases were: March 10 700 units

Doc Gibs Company had a beginning inventory of 350 units with a total cost of $2,275. During

the year purchases were:

March 10 700 units at $ 7

May 25 500 units at $ 8

Aug. 20 300 units at $ 8.5

Nov. 5 450 units at $ 9

Doc Gibs uses a periodic inventory system. Sales totaled 1,300 units.

Instructions:

a) Determine the ending inventory & cost of goods sold under both LIFO & FIFO.

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