Tompkins Company reports the following inventory record for November: INVENTORY Date Activity # of Units Cost/Unit November 1 Beginning balance 125 $ 19 November 4 Purchase 315 20 November 7 Sale (@ $58 per unit) 215 November 13 Purchase 505 22 November 22 Sale (@ $58 per unit) 485 Selling, administrative, and depreciation expenses for the month were $15,000. Tompkins's effective tax rate is 40 percent.

Required: 1. Calculate the cost of ending inventory and the cost of goods sold under each of the following methods using periodic inventory system:

		Ending Inventory	Cost of Goods Sold
a.	First in, first out
b.	Last in, first out
c.	weighted average

2-a. What is the gross profit percentage under the FIFO method? 2-b. What is net income under the LIFO method?

2-a	Gross profit % under FIFO	______	%
2-b	Net income under LIFO	______	%

3. Tompkins applied the lower of cost or market method to value its inventory for reporting purposes at the end of the month. Assuming Tompkins used the FIFO method and that inventory had a market replacement value of $17.40 per unit, what would Tompkins report on the balance sheet for inventory?

Cost of ending inventory =