1.Vango, Inc. sells part number 86z to auto parts stores around the world. Information about part number 86Z is contained in the table below. Vango uses a LIFO periodic inventory system.
2000 * 8.0 = 16,000
3,000 * 8.2 = 24,600
5,000 * 8.6 = 43,000
+___________________________
10,000 = 83600
Determine the cost of goods sold and ending inventory value of part 86z, if 4000 units remain unsold at the end of the accounting period
A. Cost of goods sold is $49,200 and ending inventory is $34,400
B. Cost of goods sold is $51,200 and ending inventory is $32,400
C. Cost of goods sold is $34,440 and ending inventory is $49,200
D. Cost of goods sold is $50,160 and ending inventory is $33,440
2.On June 1, beginning inventory consists of ten items that cost $100 each. On June 8, ten more items are purchased at $120 each. On June 12, fifteen items are sold for $200 each. ON June 28, ten items are purchased at $130 each. Using periodic LIFO, cost of goods sold for the month ended June 30 equals____.
A. $1,800
B. $1,600
C. $1,900
D. $1,950