The quantities of the monthly purchases of used tennis balls are detailed in Exhibit 2 below.

Exhibit 2

	Month	Quantity Purchased	Purchase Price
	Oct 2020	150	$1.30
	Nov 2020	120	$1.50
	Dec 2020	100	$1.80
	Jan 2021	80	$2.00
Total	-	450	-

As the sales of tennis balls were not part of stores official operation, Nick did not keep the record of cost of sales of these transactions but only the quantity of used balls sold. From 1 October 2020 to 31 January 2021, 380 used balls were sold at the price $2.40 each.

Compute the cost of goods sold for the sale of used tennis balls in the period 1 October 2020 to 31 January 2021 using FIFO.

Present your calculation in the table below using the information from Exhibit 2.

	Quantity Purchased	Purchase Price	Quantity Assumed to Have Been Sold under FIFO	COGS
	150	$1.30		$
	120	$1.50		$
	100	$1.80		$
	80	$2.00		$
Total	450	-		$

Compute the cost of goods sold for the sale of used tennis balls in the period 1 October 2020 to 31 January 2021 using LIFO.

	Quantity Purchased	Purchase Price	Quantity Assumed to Have Been Sold under LIFO	COGS
	150	$1.30		$
	120	$1.50		$
	100	$1.80		$
	80	$2.00		$
Total	450	-		$