Tompkins Company reports the following inventory record for November:

INVENTORY
Date	Activity	# of Units	Cost/Unit
November 1	Beginning balance	105	$	15
November 4	Purchase	310		16
November 7	Sale (@ $53 per unit)	230
November 13	Purchase	515		18
November 22	Sale (@ $53 per unit)	460

Selling, administrative, and depreciation expenses for the month were $15,800. Tompkins's effective tax rate is 30 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:

2-a. What is the gross profit percentage under the FIFO method?

2-b. What is net income under the LIFO method?

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 $17.10 per unit, what would Tompkins report on the balance sheet for inventory?

Calculate the cost of ending inventory and the cost of goods sold under each of the following methods using periodic inventory system: (Do not round intermediate calculations.)

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

a. What is the gross profit percentage under the FIFO method? (Round your percentage answer to 2 decimal places (i.e. 0.1234 should be entered as 12.34).)

b. What is net income under the LIFO method?

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

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 $19.50 per unit, what would Tompkins report on the balance sheet for inventory?

Cost of ending inventory