NumbNuts Medical Supply Co., is a premier distributor of nuts and bolts devices; for example, an ambulacrum device by which locomotion is accoumplished with little pain to the patient despite the incredible number of nuts and bolts required to hold the walking and running device together.Thus, the name of their company:NumbNuts Medical Supply Co.

NumbNuts Medical Supply Co.'s beginning inventory and purchases during the year ended December 31, 2019 of their most papular device branded NumbRunner2 were as follows:

Unit Unit Cost Total Cost

1-Jan Inventory 1000 $50 $50,000

10-Mar Purchase 3000 52 156,000

25-Jun Sold 1600

30-Aug Purchase 2600 55 143,000

5-Oct Sold 4000

26-Nov Purchase 1000 57.68 57,680

31-Dec Sold 800

7600 $406,680

Required:

1 )Determine the cost of inventory on December 31, 2019 using the perpetual inventory system and each costing methods:

a. FIFO

b. LIFO

c. Weighted average [round weighted cost per unit to two decimal places].

2)Determine the cost of inventory on December 31, 2019 using the periodic inventory system.

a. FIFO

b. LIFO