PLEASE WRITE DOWN ALL PROCESS OF CALCULATION ( DO NOT USE EXCEL), THE KEYS ARE SHOWN.

Problem 7. Inventory cost flow assumptions (20 points). Matlock Corporation sells item A as part of its product line. As of January 2021, the beginning inventory of item A is zero. Information as to balances on hand, purchases, and sales of item A are given in the following table for 2021.

______ Quantities Unit Price Sales Price

Date Purchased Sold Balance of Purchase per Unit

January 11 400 400 $5.25

May 24 1,300 1,700 $5.50

July 8 300 1,400 $15.00

September 16 560 840 $16.00

December 11 600 1,440 $6.20

2,300 860

Required: Place your answers to the following in the table provided, below:

COGS: 860 @ $5.50 = $4,730

EI: 600 @ $6.20 = $3,720

440 @ $5.50 = 2,420

400 @ $5.25 = 2,100

Total EI: $ 8,240

Compute the ending inventory and Cost of Goods Sold at under the Perpetual LIFO (Specific Goods) inventory pricing method.

COGS: 600 @ $6.20 = $ 3,720

260 @ $5.50 = 1,430

Total COGS $5,150

EI: 1040 @ $5.50 = $5,720

400 @ $5.25 = 2,100

Total EI: $ 7,820

Compute the ending inventory and Cost of Goods Sold under the Periodic LIFO (Specific Goods) inventory pricing method.

COGS: 400 @ $5.25 = $ 2,100

460 @ $5.50 = 2,350

Total COGS $4,630

EI: 840 @ $5.50 = $ 4,620

600 @ $6.20 = 3,720

Total EI: $ 8,340

Compute the ending inventory and Cost of Goods Sold under the Perpetual FIFO (Specific Goods) inventory pricing method.

Place your answers in this table	A. Perpetual LIFO	B. Periodic LIFO	C. Perpetual FIFO
Ending Inventory	$8,240	$7,820	$8,340
Cost of Goods Sold	$4,730	$5,150	$4,630