Question: Surplus, Inc. uses a periodic inventory system and the had the following activity for 2007: Purchases Sales Balance January 1, 2007110 units at $50 or

Surplus, Inc. uses a periodic inventory system and the had the following activity for 2007:

PurchasesSalesBalance

January 1, 2007110 units at $50 or $5,500

2/10/07 purchase80 units at $60 or $4,800

4/14/07 sale60 units

5/9/07 purchase120 units at $70 or $8,400

7/14/07 sale120 units

10/21/07 purchase100 units at $80 or $8,000

11/12/07 sale80 units

what is the ending inventory and cost of goods sold using the LIFO and FIFO methods.

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