Fit World had a beginning inventory of 90 crates of vitamins that cost a total of $5,850. During the month, Fit World purchased and sold merchandise on account as follows: Fit World uses a perpetual inventory system.

Requirements

1. Determine the Cost of Goods Sold and Ending Inventory using the FIFO inventory costing method,

2. Determine the Cost of Goods Sold and Ending Inventory using the LIFO inventory costing method.

Jan. 2 Purchase 5 Sale 16 Purchase 27 Sale 130 crates 76 each 140 crates 100 each 170 crates 86 each 180 crates 104 each