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ANSWERS Worksheet instructions: Calculate the requested amounts showing your work below and 1. Using the periodic inventory system determine ending inventory under FIFO entering your answers to the right. 2. Using the periodic inventory system determine cost of goods sold under FIFO 3. Using the periodic inventory system determine ending inventory under LIFO 4. Using the periodic inventory system determine cost of goods sold under LIFO Inventory: May 1 100 units @ $5.00 5. Using the periodic inventory system determine ending inventory under average cost 6. Using the periodic inventory system determine cost of goods sold under average cost Purchases: May 5 200 units @ $5.00 7. Using the perpetual inventory system determine ending inventory under FIFO May 16 200 units @ $6.00 8. Using the perpetual inventory system determine cost of goods sold under FIFO May 24 300 units @ $7.00 9. Using the perpetual inventory system determine ending inventory under LIFO May 14 150 units May 20 300 units 10. Using the perpetual inventory system determine cost of goods sold under LIFO Sales: SHOW YOUR WORK