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Sales during the year were 560 units. Beginning inventory was 240 units at a cost or 52 per unit. Purchase 1 was 330 units at
Sales during the year were 560 units. Beginning inventory was 240 units at a cost or 52 per unit. Purchase 1 was 330 units at 53 per unit. Purchase 2 was 520 units at 54 per unit. Required: 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.) 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.)
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