Tenace Corporation uses a perpetual inventory system and has provided the following information about one of their laptop computers: Date Transaction Number of Units Cost per Unit 1/1 Beginning inventory 100 $800 5/5 Purchase 200 $900 8/10 Purchase 300 $1.000 10/15 Purchase 200 $1,050 During the year, 250 laptop computers were sold on 8/15 and 500 laptops were sold on 10/31. What was ending inventory using the FIFO cost flow assumption? $60,000 $52,500 $52,000 $40,000 None of the above Tenace Corporation uses a periodic inventory system and has provided the following information about one of their laptop computers: Date Transaction Number of Units Cost per Unit 1/1 Beginning inventory 100 $800 5/5 Purchase 200 $900 8/10 Purchase 300 $1,000 10/15 Purchase 200 $1,050 During the year, 275 laptop computers were sold on 5/8 and 475 laptops were sold on 10/20. What was cost of goods sold using the LIFO cost flow assumption? $717,500 $730,000 $703,125 $725,500 None of the above