Question 2: PERIODIC

Drummer Company reported the following inventory transactions during the quarter. Assume that

Drummer Company uses the periodic inventory system and that the following occurred:

Date	Transactions	Units	Per Unit
1-Feb-	Beginning Inventory	30	$105
3-Feb-	Purchase	280	$130
5-Feb-	Sold	260	$255
10-Feb-	Purchase	190	$135
12-Feb-	Sold	180	$230
24-Feb-	Purchase	90	$145
28-Feb-	Sold	110	$298

Using FIFO calculate:

Cost of goods sold:

Ending Inventory

Gross Margin in percent Inventory turnover

Using LIFO calculate:

Cost of goods sold: Ending Inventory

Gross Margin in percent

Inventory turnover _

Using Average calculate:

Cost of goods sold: Ending Inventory

Gross Margin in percent

Inventory turnover