Question: B). The periodic inventory record as shown in Table below is available on an item. A physical count of the item on 1 April reveals

B). The periodic inventory record as shown in Table below is available on an item. A physical count of the item on 1 April reveals an ending inventory of 300 units. Using LIFO, what is the value of the ending inventory? What is the cost of goods sold for the period? (6 marks)

DateType of TransactionUnitsUnit Price ($.)Total Cost (S.)1 Jan.Beginning inventory2001.0020031 Jan.Purchase3001.1033028 Feb.Purchase4001.1646431 Mar.Purchase1001.26126 Total1,000 1,120

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