Periodic and Perpetual SystemsCalculating Ending Inventory and Cost of Sales using FIFO and LIFO

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

Date		Units	Unit Cost
Jan 1	Inventory	24	$38.00
Jan 3	Purchase	36	40.00
Jan 7	Sale	40
Jan 10	Purchase	40	41.60
Jan 20	Sale	40
Jan 30	Purchase	40	43.20

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

a. FIFO (periodic inventory system). b. LIFO (periodic inventory system). c. FIFO (perpetual inventory system). d. LIFO (perpetual inventory system).

Note: Round your final answers to the nearest dollar.

Periodic Inventory System	Ending Inventory	COGS
a. FIFO Method	Answer	Answer
b. LIFO method	Answer	Answer

Perpetual Inventory System	Ending Inventory	COGS
c. FIFO method	Answer	Answer
d. LIFO method	Answer	Answer