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

Purchases Sales Balance

January 1, 2007 110 units at $50 or $5,500

2/10/07 purchase 80 units at $60 or $4,800

4/14/07 sale 60 units

5/9/07 purchase 120 units at $70 or $8,400

7/14/07 sale 120 units

10/21/07 purchase 100 units at $80 or $8,000

11/12/07 sale 80 units

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

Answer rating: 100% (QA)

FIFO Method Date Particulars Units Amt Units Balance Cost of Amt Total goods sold 112007 ... View the full answer