Response to the following problem:
A Inventory costing-periodic system
Harold Co. reported the following current-year purchases and sales data for its only product. Date Activities Units Acquired at Cost Units Sold at Retail
Jan. 1 Beginning inventory 160 units @ $12.40 = $ 1,984
Jan. 10 Sales 150 units @$42.40
Mar. 14 Purchase 310 units @ $17.40 = 5,394
Mar. 15 Sales 200 units @$42.40
July 30 Purchase 460 units @ $22.40 = 10,304
Oct. 5 Sales 240 units @$42.40
Oct. 26 Purchase 660 units @ $27.40 = 18,084
Totals 1,590 units $ 35,766 590 units Harold uses a periodic inventory system.
(a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.
(b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.