Question: 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.