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ACCT 2110 MILLER FALL 2015 ASSIGNED HOMEWORK 5 Due at the beginning of class, Friday, December 4th. Not accepted later than ten minutes after the hour. Must stay for class and sign in on attendance sheet for credit. Worth a maximum of ten (10) points. Must show all calculations for credit. The following data are available for one of the products sold by Brown Company. July 1 5 10 15 25 Beginning inventory, 1,000 units at $2 each Purchased 2,000 units at $2.75 each Sold 2,500 units Purchased 2,000 units at $4 each Sold 1,500 units 1. Calculate cost of goods sold for July assuming FIFO is used under a perpetual inventory system. 2. Calculate ending inventory on July 31st assuming LIFO is used under a perpetual inventory system. 3. Calculate ending inventory on July 31st assuming FIFO is used under a periodic inventory system. 4. Calculate cost of goods sold for July assuming LIFO is used under a periodic inventory system