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Solve the ending inventory and cost of goods sold

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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

Question 1: Calculate the ending inventory and cost of goods sold using the LIFO and FIFO methods.

Reference no: EM132566557

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