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Problem 1: Syncophant Company uses a periodic inventory system for its merchandise. The following information pertains to its May, 2019 inventory:

Beginning Inventory:

48 units @ $34 each 1 st Purchase: 60 units @ $35 each 2 nd Purchase 55 units @ $36 each 3 rd Purchase 52 units @ $37 each

At the end of May there were 58 units remaining in Syncophants inventory.

Calculate the ending inventory as well as the cost of goods sold under the following methods:

a) FIFO

b) LIFO

c) Weighted Average

Problem 2: Neuronic Company had a beginning inventory that cost $175,000, which was marked for retail at $295,000. During 2019, they made purchases with a net cost of $1,325,000, which they hoped to retail for $2,250,000. Their total sales for the year amounted to $2,160,000 Use the retail method of inventory estimation to calculate the cost of the year-end inventory for 2019