The Mann Corporation began operations in 2015. Information relating to the company’s purchases of inventory and sales of products for 2015 and 2016 is presented below.

Calculate the FIFO cost of goods sold and ending inventory for 2015 and 2016 assuming use of (@) the periodic method and

(b) the perpetual method.

2015 January 1 April 1 July 1 September 1. 2016 January 1 April 1. July 1 September 1. Purchase 200 units $10 per unit Sold 120 units $25 per unit Purchase 100 units $14 per unit Sold 130 units $25 per unit Purchase 100 units $16 per unit Sold Purchase 80 units $30 per unit 100 units $18 per unit Sold 100 units $35 per unit