Question: Refer to the information in QS 6-1 and assume the periodic inventory system is used. Determine the costs assigned to the ending inventory when costs are assigned based on FIFO. (Round per unit costs to three decimals, but inventory balances to the dollar.)
QS 6-1: 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.