Sales during the year were 580 units. Beginning inventory was 220 units at a cost of $5 per unit. Purchase 1 was 290 units at $6 per unit. Purchase 2 was 460 units at $7 per unit. Required: 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 Beg. Inventory Purchases: Purchase 1 Purchase 2 Total Cost of Goods Available for Sale Cost of Goods Available for Sale # of units Cost per unit Cost of Goods Sold Cost per unit # of units sold Cost of Goods Sold Inventory Balance Cost per unit # of units in ending inventory Ending Inventory

Sales during the year were 580 units. Beginning inventory was 220 units at a cost of $5 per unit. Purchase 1 was 290 units at $6 per unit. Purchase 2 was 460 units at $7 per unit. Required: 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.) 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.)