Question: Sales during the year were 700 units. Beginning inventory was 400 units at a cost of $10 per unit. Purchase 1 was 500 units at

Sales during the year were 700 units. Beginning inventory was 400 units at a cost of $10 per unit. Purchase 1 was 500 units at $12 per unit. Purchase 2 was 300 units at $14 per unit.

Required:

Calculate cost of goods sold and ending inventory under the following cost flow assumptions (using a periodic inventory system):

a. FIFO

b. LIFO

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