Surplus, Inc. uses a periodic inventory system and the had the following activity for 2007:...
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Accounting
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
Calculate the ending inventory and cost of goods sold using the LIFO and FIFO methods.
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