Inventory Evaluation

Sam Mike purchases and sales of bicycles for the year 2018 are as follows:

Bought		Sold
January	16 @ $300 each	April	30 @ $400 each
March	16 @ $320 each	September	15 @ $425 each
July	18 @ $330 each

What is the value of total sales for 2018? (3mks)

What is the value of total purchases for 2018? (3mks)

Calculate the value of the years ending inventory (showing the inventory value after each transaction) using

the Last-in-First Out (LIFO) method (7mks)

The First-in-First Out (FIFO) method (7mks)