EX. #1 - ABC CO INVTY COSTING PERPETUAL & PERIODIC SYSTEMS EX. #2- ABC CO INVTY COSTING PERPETUAL & PERIODIC SYSTEMS GIVEN: ABC CO PRESENTED THE FF INFORMATION FOR A A PARTICULAR PRODUCT BEING SOLD THERE IS NO BEGINNING INVENTORY. EACH DATE PARTICULARS QTY AI APR 02 PURCHASED 700 158 APR 06 SOLD 600 200 APR 12 PURCHASED 800 164 APR 18 SOLD 700 220 APR 24 PURCHASED 500 170 A. ASSUME THAT ABC CO. USES THE PERPETUAL INVENTORY SYSTEM COMPUTE THE ENDING INVENTORY, COST OF GOODS SOLD, AND GROSS PROFIT FOR THIS PARTICULAR PRODUCT. IF THE INVENTORY COSTING METHOD USED IS: 1. FIFO 2. LIFO 3. MOVING AVERAGE B. ASSUME THAT ABC CO. LEO USES THE PERIODIC INVENTORY SYSTEM COMPUTE THE ENDING INVENTORY, COST OF GOODS SOLD, AND GROSS PROFIT FOR THIS PARTICULAR PRODUCT. IF THE INVENTORY COSTING METHOD USED IS: 1. FIFO 2. LIFO 3. WEIGHTED AVERAGE