Scenario #1 The following units were available for sale during the year: Beginning inventory 21,600 units at $20.00 Sale 14,400 units at $40.00 First purchase 48,000 units at $25.20 Sale 36,000 units at $40.00 Second purchase 45,000 units at $26.40 Sale 33,000 units at $40.00 ABC Corporation uses the perpetual inventory system, and there are 31,200 units on hand at the end of the year. What is the total cost of the ending inventory according to FIFO? LIFO? Scenario #2 The following units were available for sale during the year: Jan 1 Inventory 1,000 units at $120 Feb 17 Purchase 1,375 units at $128 Jul 21 Purchase 1,500 units at $136 Nov 23 Purchase 1,125 units at $140 XYZ Corporation uses the periodic inventory system, and there are 1,200 units on hand at the end of the year. What is the total cost of the ending inventory according to FIFO? LIFO? A B C D E F G H perpetual inventory system 1 ABC Corporation 2 3 FIFO 4 5 LIFO 6 7 8 9 XYZ Corporation periodic inventory system 10 11 FIFO 12 13 LIFO 14 15 16 17 18 19 20 21 22 23 24 J K M N P R S V W X Z AA AB AC workspace for calculations (if not shown in cells to the left): ABC Corporation - FIFO ABC Corporation - LIFO XYZ Corporation - FIFO XYZ Corporation - LIFO