Question: Please answer three blanks on question 2. Exercise 6-55 (Algorithmic) Effects of FIFO and LIFO Sheepskin Company sells to colleges and universities a special paper

Exercise 6-55 (Algorithmic) Effects of FIFO and LIFO Sheepskin Company sells to colleges and universities a special paper that is used for diplomas. Sheepskin typically makes one purchase of the special paper each year on January 1. Assume that Sheepskin uses a perpetual inventory system. You have the following data for the 3 years ending in 2019: 2017 Beginning Inventory O pages Purchases 10,000 pages at $1.60 per page Sales 8,500 pages 2018 Beginning Inventory 1,500 pages Purchases 16,200 pages at $1.90 per page Sales 15,000 pages 2019 Beginning Inventory 2,700 pages Purchases 18,000 pages at $2.40 per page Sales 20,100 pages Enter all amounts as positive numbers. 1. What would the ending inventory and cost of goods sold be for each year if FIFO is used? 2017 2018 2019 Ending inventory 2,400 5,130 $ 1,440 Cost of goods sold 13,600 28,050 46,890 2. What would the ending inventory and cost of goods sold be for each year if LIFO is used? 2017 2018 2019 Ending inventory 2,400 4,680 Cost of goods sold 13,600 $ X $ x
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