Question: The periodic inventory record as shown in Table below is available on an item. A physical count of the item on 1 April reveals an

The periodic inventory record as shown in Table below is available on an item. A physical count of the item on 1 April reveals an ending inventory of 300 units. Using LIFO, what is the value of the ending inventory? What is the cost of goods sold for the period?

Date	Type of Transaction	Units	Unit Price ($.)	Total Cost (S.)
1 Jan.	Beginning inventory	200	1.00	200
31 Jan.	Purchase	300	1.10	330
28 Feb.	Purchase	400	1.16	464
31 Mar.	Purchase	100	1.26	126
	Total	1,000		1,120

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