Use the following information about Acme Cos inventory and purchases during October, to answer Q5a & b.

October		Units	Unit Cost $
1	Beginning Balance	35	3
6	Purchase	70	4
11	Purchase	45	5
16	Purchase	50	6

In addition, be advised that Acme uses the periodic inventory system and sold 149 units during October.

5a. Calculate Ending Inventory and the Cost of Goods Sold using the FIFO method. [1 mark]

Answer Ending Inventory is: $ Answer Cost of Goods Sold is: $

5b. Calculate Goods Available for Sale and Cost of Goods Sold using the Average Cost {AC] method. [1 mark]

Answer Goods Available for Sale is: $ Answer Cost of Goods Sold is: $