The records of the Mission Company show the following data for Item A:
Balance, January 1 ...........................200 units @ $10 per unit

The sales price for Item A was $ 15 per unit throughout the year.
Required:
(1) Compute the cost of the ending inventory under the fifo method when a periodic inventory system is used.
(2) Compute the cost of the ending inventory under the lifo method (a) when a periodic inventory system is used and (b) when a perpetual inventory system is used.

Transcribed Image Text:

Purchases Sales Price Units per Unit Units $11 100 200 100 100 January 12..n.ne February 1 April 16 July 15... 200 100 100 400 14 November 10 500