The Mann Corporation began operations in 2011. Information relating to the companys purchases of inventory and sales of products for 2011 and 2012 is presented below.
Calculate the Cost of Goods Sold and Ending Inventory under FIFO Perpetual for both years. Be sure to include 2011 ending inventory into 2012 calculation
Remember that the selling cost has no impact on your calculations
2011		Units	Cost	Total Cost of Inventory
1-Jan	Purchase	200	$10	$2,000
1-Apr	Sold	120	$25
1-Jul	Purchase	100	$14	$1,400
1-Sep	Sold	130	$25
2012
1-Jan	Beginning Inventory
1-Jan	Purchase	100	$16	$1,600
1-Apr	Sold	80	$30
1-Jul	Purchase	100	$18	$1,800
1-Sep	Sold	100	$35
2011		2012
Cost of goods sold		Cost of goods sold
Ending inventory		Ending inventory