Inventory Valuation.

Bugs Bunny Corp. shows the following data related to an item of inventory. A record of transactions for the month of May was as follows:

Purchases Sales

May 1 (balance) 400 @ $4.20 May 3 300 @ $7.00

4 1,300 @ $4.10 6 1,000 @ 7.00

8 800 @ $4.30 12 900 @ 7.50

14 700 @ $4.40 18 400 @ 7.50

22 1,200 @ $4.50 25 1,400 @ 8.00

29 500 @ $4.55

Instructions

(a) What value should be assigned to ending inventory and cost of goods sold using Weighted Average Periodic (round to two decimal points)?

(b) What value should be assigned to ending inventory and cost of goods sold using LIFO Perpetual?