Sandhill Lighting had a beginning inventory of 19 units at a cost of $7 per unit on August 1. During the month, the following purchases and sales were made. August 5 August 11 August 23 Purchases 1. 2. 24 units at $8 34 units at $9 29 units at $10 Ending inventory Cost of goods sold Sales Sandhill uses a periodic inventory system. Determine ending inventory and cost of goods sold under: 1. FIFO and 2. LIFO. $ August 2 August 10 August 19 August 21 14 units FIFO 19 units. 49 units 19 units $ $ LIFO

Sandhill Lighting had a beginning inventory of 19 units at a cost of $7 per unit on August 1. During the month, the following purchases and sales were made. Sandhill uses a periodic inventory system. Determine ending inventory and cost of goods sold under: 1. FIFO and 2. L.FO