Jan. 1 Beginning inventory 185 units @ $ 11.00 = $ 2,035 Jan. 10 Sales 145 units @ $ 20.00 Jan. 20 Purchase 100 units @ $ 10.00 = 1,000 Jan. 25 Sales 125 units @ $ 20.00 Jan. 30 Purchase 270 units @ $ 9.50 = 2,565 Totals 555 units $ 5,600 270 units

The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 285 units, where 270 are from the January 30 purchase, 5 are from the January 20 purchase, and 10 are from beginning inventory.

Exercise 5-3 Perpetual: Inventory costing methods LO P1

3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.