EX. #1 - ABC CO INVTY COSTING PERPETUAL & PERIODIC SYSTEMS EX. #2- ABC CO INVTY COSTING PERPETUAL & PERIODIC SYSTEMS GIVEN: ABC CO PRESENTED THE FF INFORMATION FOR A A PARTICULAR PRODUCT BEING SOLD THERE IS NO BEGINNING INVENTORY. DATE PARTICULARS APR 02 PURCHASED APR 06 SOLD APR 12 PURCHASED APR 18 SOLD APR 24 PURCHASED QTY 700 600 800 700 500 EACH 158 200 164 220 170 A. ASSUME THAT ABC CO. USES THE PERPETUAL INVENTORY SYSTEM COMPUTE THE ENDING INVENTORY, COST OF GOODS SOLD, AND GROSS PROFIT FOR THIS PARTICULAR PRODUCT. IF THE INVENTORY COSTING METHOD USED IS: 1. FIFO 2. LIFO 3. MOVING AVERAGE B. ASSUME THAT ABC CO. LEO USES THE PERIODIC INVENTORY SYSTEM COMPUTE THE ENDING INVENTORY, COST OF GOODS SOLD, AND GROSS PROFIT FOR THIS PARTICULAR PRODUCT. IF THE INVENTORY COSTING METHOD USED IS: 1. FIFO 2. LIFO 3. WEIGHTED AVERAGE