Using the Data below

a) Prepare FIFO, LIFO, average valueto ending inventory.

b) Prepare all entries for either FIFO or LIFO including closing entries

Use periodic inventory

March 1 Had 2,200 liters at $.63 each

March 3 Purchased 2,550 liters at .70 each

March 5 SOLD 2,400 at $1.10

March 11 Purchased 4,100 liters at .74 each

March 20 Purchased 2,600 liters at .80 each

March 30 Sold 5,500 liters for $1.25