Week $4$ Written Assignment: Calculating ending inventory $($LO$6)-20$ points

Completion requirements

Due: Thursday, June $6,2024,11$:$59$ PM

Scenario #$1$

The following units were available for sale during the year:

Beginning inventory $21,600$ units at $$20\mathrm{.}00$

Sale $14,400$ units at $$40\mathrm{.}00$

First purchase $48,000$ units at $$25\mathrm{.}20$

Sale $36,000$ units at $$40\mathrm{.}00$

Second purchase $45,000$ units at $$26\mathrm{.}40$

Sale $33,000$ units at $$40\mathrm{.}00$

ABC Corporation uses the perpetual inventory system, and there are $31,200$ units on hand at the end of the year. What is the total cost of the ending inventory according to FIFO? LIFO?

Scenario #$2$

The following units were available for sale during the year:

Jan $1$ Inventory $1,000$ units at $$120$

Feb $17$ Purchase $1,375$ units at $$128$

Jul $21$ Purchase $1,500$ units at $$136$

Nov $23$ Purchase $1,125$ units at $$140$

XYZ Corporation uses the periodic inventory system, and there are $1,200$ units on hand at the end of the year. What is the total cost of the ending inventory according to FIFO? LIFO?

Complete each ending inventory calculation accordingly in the worksheet provided and submit as an attachment. Submit the file via the submit link in Moodle. ABC Corporation $-$ perpetual inventory system

FIFO workspace for calculations $($if not shown in cells to the left$)$:

LIFO

ABC Corporation $-$ FIFO ABC Corporation $-$ LIFO XYZ Corporation $-$ FIFO XYZ Corporation $-$ LIFO

Date

XYZ Corporation $-$ periodic inventory system

FIFO

LIFO finish both scenarios and all answer on the table