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Sales during the year were 755 units. Beginning inventory was 570 units at a cost of $4 per unit. Purchase 1 was 285 units at
Sales during the year were 755 units. Beginning inventory was 570 units at a cost of $4 per unit. Purchase 1 was 285 units at $5 per unit. Purchase 2 was 185 units at $6 per unit. Required: Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method
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