Question: 1) Date Description Quantity 1/1/22 Purchased 3 Items @ $20 per item 7/1/22 Purchased 4 items @ $10 per item 7/30/22 Sold 5 items 10/1/22
1)
Date Description Quantity
1/1/22 Purchased 3 Items @ $20 per item
7/1/22 Purchased 4 items @ $10 per item
7/30/22 Sold 5 items
10/1/22 Purchased 5 items @ $10 per item
12/1/22 Purchased 10 items @ $20 per item
12/21/22 Sold 10 items
a) Calculate both the ending inventory and the COGS using the FIFO method.
b) using the COGS calculated from above, if you had $1,000 in sales, what would your net income be?
2)
Date Description Quantity
1/1/22 Purchased 3 Items @ $20 per item
7/1/22 Purchased 4 items @ $10 per item
7/30/22 Sold 5 items
10/1/22 Purchased 5 items @ $10 per item
12/1/22 Purchased 10 items @ $20 per item
12/21/22 Sold 10 items
a) Calculate both the ending inventory and the COGS using the LIFO method.
b) using the COGS calculated from above, if you had $1,000 in sales, what would your net income be?

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