Question - Company uses A periodic inventory system.
Beginning inventory consisted of 360 units that cost $65 each.
During the month of February, the company made two purchases on February 15, they bought 540 units at $68 each and on February 25, they bought 270 units at $70 each.
Company A also sold 900 units during the month
1. Using LIFO, what is the amount of ending inventory?
2. Using LIFO, what is the amount of cost of goods sold?