A company reports the following beginning inventory and purchases, and it ends the period with 30 units in inventory.
|
Beginning inventory |
100 units at $10 cost per unit |
|
Purchase 1 |
40 units at $12 cost per unit |
|
Purchase 2 |
20 units at $14 cost per unit |
a. Compute ending inventory using the FIFO periodic system.
b. Compute cost of goods sold using the LIFO periodic system.