Question: Sales during the year were 500 units. Beginning inventory was 200 units at a cost of $5 per unit. Purchase 1 was 250 units at

Sales during the year were 500 units. Beginning inventory was 200 units at a cost of $5 per unit. Purchase 1 was 250 units at $6 per unit. Purchase 2 was 400 units at $7 per unit.

Required:
Calculate cost of goods sold and under the following cost flow assumptions (using a periodic inventory system):
a. FIFO
b. LIFO

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