Jefferson's Jewelry Store is computing its inventory and cost of goods sold for November 2003. At the beginning of the month, the following jewelry items were in stock (rings were purchased in the order listed):

Transcribed Image Text:

Quantity Cost Total Ring A 8 $600 $ 4,800 Ring A 10 Ring Bi Ring Bi Ring B Ring C Ring C 2056378 650 6,500 300 1,500 350 2,100 450 1,350 200 1,400 250 2,000 $19,650 During the month, the following rings were purchased: four type A rings at $600, two type B rings at $450, and five type C rings at $300. Also during the month, these sales were made: Ring Type AAABBCCC Quantity Sold 2 3 1 2 2 4 3 1 Price $1,000 1,050 1,200 850 800 450 500 550 Jefferson's uses the periodic inventory method. Calculate the cost of goods sold and ending inventory balances for November using FIFO and LIFO.