The following table summarizes the beginning inventory, purchases, and sales of PSI Companys single product during January.

Date Transaction Units Cost Total

Jan. 1 Beginning bal. 1400 $19 26600

Jan. 4 Sale 300

Jan. 8 Purchase 600 $20

Jan. 10 Sale 1300

Jan. 12 Purchase 900 $21

Jan. 15 Sale 150

Jan. 18 Purchase 500 $22

Jan. 24 Purchase 800 $23

Jan. 31 Sale 1300

Total

1.Assuming that the company uses the periodic inventory system, compute the cost that should be assigned to ending inventory using (a) FIFO basis and, (b) a LIFO basis

2.Assuming that the company uses the perpetual inventory system, compute the cost that should be assigned to ending inventory using (a) a FIFO basis and (b) a LIFO basis.