Sales during the year were 540 units. Beginning inventory was 210 units at a cost of $4 per unit. Purchase 1 was 270 units at $5 per unit. Purchase 2 was 430 units at $6 per unit.

a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. (Enter all values as a positive value.) Periodic FIFO Cost of Goods Sold Cost of Goods Available for Sale # of Cost of Goods Cost per units Available for unit Sale $ 0 # of units sold Cost per unit Cost of Goods Sold Inventory Balance # of units Cost per in ending Ending unit Inventory inventory Beg. Inventory Purchases: Purchase 1 0 0 Purchase 2 Total 0 $ 0 0 $ 01 0 $ 0 b. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. (Enter all values as a positive value.) Periodic LIFO Cost of Goods Sold Cost of Goods Available for Sale # of Cost per Cost of Goods Available for units unit Sale $ 0 # of units sold Cost per unit Cost of Goods Sold Inventory Balance # of units Cost per Ending in ending unit Inventory inventory Beg. Inventory Purchases: Purchase 1 0 0 Purchase 2 Total 0 $ 0 0 $ ol 0 $ 01