PART A

The above information relates to inventory purchases and sales made by Carolines Crafts during the year ending 12/31/17. The company is considered a manufacturing company who uses barcodes to track sales of inventory (and update the account after each sale). On December 1, the company sold 2,300 units for $50 per unit on account/credit. Using this information, answer the questions in the tables below.

Description	Quantity	Unit Price	Purchase Total	Total Inventory Balance
Beginning Inventory (Jan 1)	400	$10	$4,000	$4,000
Purchase #1 (Feb 1)	800	$12	$9,600	$13,600
Purchase #2 (Mar 1)	1,200	$15	$18,000	$31,600
Purchase #3 (May 1)	400	$20	$8,000	$39,600
Purchase #4 (Oct 1)	600	$25	$15,000	$54,600

ASSUMING THE COMPANY USES LIFO
QUESTION	ANSWER	QUESTION	ANSWER
What was the Cost of Goods Sold?		How much Revenue was Recognized from Sale of Inventory?
What was the Ending Inventory Balance (in $)?

ASSUMING THE COMPANY USES FIFO
QUESTION	ANSWER	QUESTION	ANSWER
What was the Cost of Goods Sold?		How much Revenue was Recognized from Sale of Inventory?
What was the Ending Inventory Balance (in $)?