139. During 2015, a company sells 20 units of inventory. The company has the following inventory purchase transactions for 2015:
Date
Transaction
Number
of Units
Unit
Cost
Total
Jan. 1
Beginning inventory
15
$60
$ 900
Sep. 8
Purchase
10
62
620
25
$1,520
Calculate ending inventory and cost of goods sold for 2015 assuming the company uses FIFO with a periodic inventory system.
140. During 2015, a company sells 20 units of inventory. The company has the following inventory purchase transactions for 2015:
Calculate ending inventory and cost of goods sold for 2015 assuming the company uses LIFO with a periodic inventory system.
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