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QUESTION 1 If a distributor purchases a product according to the following schedule, what is the ending inventory value after the sale using LIFO? 2/1

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QUESTION 1 If a distributor purchases a product according to the following schedule, what is the ending inventory value after the sale using LIFO? 2/1 Purchase of 10 units @ $7.00 each 2/8 Purchase of 5 units @ $750 each 2/12 Purchase of 10 units @ $8.00 each 2/15 Sale of 12 units QUESTION 2 If a distributor purchases a product according to the following schedule, what is the ending inventory value after the sale using FIFO? 2/1 Purchase of 10 units $7.00 each 2/8 Purchase of 5 units @ $7.50 each 2/12 Purchase of 10 units @ $8.00 each 2/15 Sale of 12 units

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