Mini-Exercise 5-5 Cost flow assumptions-FIFO and LIFO using a periodic system LO 7, 8

Sales during the year were 1,140 units. Beginning inventory was 360 units at a cost of $5 per unit. Purchase 1 was 570 units at $6 per unit. Purchase 2 was 880 units at $7 per unit.

Required:

a.	Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory usingFIFO method.

b.	Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory usingLIFO method.
	THE CHART IS ATTACHED BELOW