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Farmer Bell Inc. has the following information about his corn on the cob inventory: Purchases                          &nb

  1. Farmer Bell Inc. has the following information about his corn on the cob inventory:

Purchases                                                                    Sales

Sept 1                          12,000 @ $8.00                      Sept 4              8,200 @ $10.50

Sept 3                          13,500 @ $8.10                      Sept 21            14,000 @ $11.00

Sept 16                        5,000 @ $8.60

  1. Assuming that perpetual inventory records are kept, the Cost of Goods Sold and Ending Inventory using LIFO cost flow assumption is (label which is which):
  1. Assuming that periodic inventory records are kept, the Cost of Goods Sold and Ending Inventory using FIFO cost flow assumption is (label which is which):
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