1. MRN Corporation uses the perpetual inventory method and had the following inventory information available (12 points):

Units Unit Cost Total Cost

1/1 Beginning Inventory 100 $4 $ 400

1/4 Purchase 400 $5 2,000

1/7 Sold 250

1/14 Purchase 300 $6 1,800

1/20 Sold 350

Answer the following independent questions and show computations supporting your answers. Note: You can use the perpetual inventory template under the Exams folder.

1. Assume that the company uses the FIFO method. Calculate both Cost of Goods Sold and the value of the ending inventory on January 31. (Required)

B. Assume that the company uses the LIFO method. Calculate both Cost of Goods Sold and the value of the ending inventory on January 31. (Required)

C. Assume that the company uses the Weighted Average method. Calculate both Cost of Goods Sold and the value of the ending inventory on January 31. (Extra Credit: additional 4 points)