Perpetual LIFO and Periodic FIFO

Matlock Corporation sells item A as part of its product line. Information as to balances on hand, purchases, and sales of item A are given in the following table for the first six months of 2020.

date	Purchased	sold	balance	unit price of purchase
jan 11			400	$4.65
jan 24	1,300		1,700	$4.90
feb 8		300	1,400
march 16		560	840
June 11	600		1,440	$5.10

Instructions

(a) Compute the ending inventory at June 30 under the perpetual LIFO inventory pricing method.

(b) Compute the cost of goods sold for the first six months under the periodic FIFO inventory pricing method.