Question: The beginning inventory was 600 units at a cost of $20 per unit. Goods available for sale during the year were 2,600 units at a

The beginning inventory was 600 units at a cost of $20 per unit. Goods available for sale during the year were 2,600 units at a total cost of $57,600. In May, 1,200 units were purchased at a total cost of $26,400. The only other purchase transaction occurred during October. Ending inventory was 1,100 units.

Required:

a. Calculate the number of units purchased in October and the cost per unit pur-chased in October.

b. Calculate cost of goods sold and Ending inventory under the following cost flow assumptions (using a periodic inventory system):

1. FIFO

2. LIFO

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