Question

Date	Transaction	# of Units	Unit Cost	Total Cost
1/1	Beg Balance	150	$30	$4,500
1/24	Purchase	70	33	2,310
2/22	Sale	(100)	-	-
3/7	Purchase	90	35	3,150
4/10	Purchase	140	36	5,040
6/11	Sale	(100)	-	-
9/28	Purchase	50	38	1,900
12/4	Sale	(100)	-	-

1. What is the cost of goods sold under a FIFO periodic inventory system?
   1. $10,500
   2. $9,610
   3. $7,290
   4. $6,150
      
2. What is the ending inventory under a LIFO periodic inventory system?
   1. $10,500
   2. $9,610
   3. $7,290
   4. $6,150
      
3. What is the cost of goods sold under a LIFO perpetual inventory system?
   1. $10,500
   2. $9,610
   3. $7,290
   4. $6,150
      
4. What is the ending inventory under a FIFO perpetual inventory system?
   1. $10,500
   2. $9,610
   3. $7,290
   4. $6,150

Answer 1

Total Units available for sale = 150+70+90+140+50 = 500 Units

Units sales = 100+100+100 = 300 Units

1) FIFO periodic Cost of goods sold = (150*30+70*33+80*35) = 9610

So answer is b) $9610

2) LIFO Periodic Ending inventory  = (150*30+50*33) = 6150

So answer is d) $6150

3) LIFO Perpetual Cost of goods sold = (70*33+30*30+100*36+50*38+40*36+10*35) = 10500

So answer is a) $10500

4) FIFO Ending inventory = (50*38+140*36+10*35) = 7290

So answer is c) $7290