Question

The following information pertains to the Fan Company’s inventory item B1008:

	March		Units				Price Sold
	1	Inventory Balance	400			$	3.10
	5	Purchase	1,400			$	3.20
	14	Purchase	280			$	3.25
	31	Inventory Balance	520

A) In a periodic inventory system, the LIFO cost of goods sold is

B) In a periodic inventory system, the ending LIFO inventory is

C) In a periodic inventory system, the FIFO cost of goods sold is

D) In a periodic inventory system, the ending FIFO inventory is

Answer 1