Q1. The units of an item available for sale during the year were as follows:

Jan 1 Inventory 13 units at 129 April 15 Purchase 139 units at 114 September 9 Purchase 26 units at 125

There are 44 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the first-in, first-out (FIFO)

Q2.

The units of an item available for sale during the year were as follows:

Jan 1 Inventory 23 units at 129 April 15 Purchase 140 units at 114 September 9 Purchase 26 units at 119

There are 49 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the last-in, first-out (LIFO)