Periodic and Perpetual Systems$-$Calculating Ending Inventory and Cost of Sales Using FIFO and LIFO a$.$ FIFO $($periodic inventory system$).$

Note: Do not use negative signs with any of your answers.

FIFO Method $($Periodic$)$: Computation of Ending Inventory b$.$ LIFO $($periodic inventory system$).$

Note: Do not use negative signs with any of your answers.

LIFO Method $($Periodic$)$: Computation of Ending Inventory a$.$ FIFO $($periodic$)$

b$.$ LIFO $($periodic$)$

d$.$ LIFO $($perpetual$)$

c$.$ FIFO $($perpetual inventory system$).$

Note: Do not use negative signs with any of your answers.

Note: On each date, list the inventory units in chronological order based on their purchase date with beginning inventory, if any, listed first.a$.$ FIFO $($periodic$)$

b$.$ LIFO $($periodic$)$

c$.$ FIFO $($perpetual$)$

d$.$ LIFO $($perpetual inventory system$).$

Note: Do not use negative signs with any of your answers.

Note: On each date, list the inventory units in chronological order based on their purchase date with beginning inventory, if any, listed first.

$\backslash$table$[[$LIFO $($perpetual$),,],[$Cost of goods available for sale,$$,0],[$Ending Inventory,,$0],[$Cost of goods sold,$$,0]]$

The inventory records of Cyrus Inc. showed the following data for its merchandise inventory.

Compute cost of goods sold and ending inventory for the month ending June $30$ using:

a$.$ FIFO $($periodic inventory system$).$

b$.$ LIFO $($periodic inventory system$).$

c$.$ FIFO $($perpetual inventory system$).$

d$.$ LIFO $($perpetual inventory system$).$