Effects of FIFO and LIFO

Sheepskin Company sells to colleges and universities a special paper that is used for diplomas. Sheepskin typically makes one purchase of the special paper each year on January $1.$ Assume that Sheepskin uses a perpetual inventory system. You have the following data for the past $3$ years:

Year $1$

Beginning inventory $0$ pages

Purchases $10,000$ pages at $$1\mathrm{.}60$ per page

Sales $8,500$ pages

Year $2$

Beginning inventory $1,500$ pages

Purchases $16,200$ pages at $$2\mathrm{.}00$ per page

Sales $15,000$ pages

Year $3$

Beginning inventory $2,700$ pages

Purchases $18,000$ pages at $$2\mathrm{.}50$ per page

Sales $20,100$ pages

Required:

Enter all amounts as positive numbers.

$1.$ What would the ending inventory and cost of goods sold be for each year if FIFO is used?

Year $1$ Year $2$ Year $3$

Ending inventory $ fill in the blank $1$

$ fill in the blank $2$

$ fill in the blank $3$

Cost of goods sold $fill in the blank $4$

$fill in the blank $5$

$fill in the blank $6$

$2.$ What would the ending inventory and cost of goods sold be for each year if LIFO is used?

Year $1$ Year $2$ Year $3$

Ending inventory $fill in the blank $7$

$fill in the blank $8$

$fill in the blank $9$

Cost of goods sold $fill in the blank $10$

$fill in the blank $11$

$fill in the blank $12$