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What is the calculated ending inventory

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Reference no: EM132574319

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: What's the Calculated ending inventory and cost of goods sold using the LIFO and FIFO methods.

Reference no: EM132574319

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