Beginning inventory, purchases and sales data for T-shirts are as follows: Apr 3 Inventory 24 units @ $10 Apr 11 Purchase 26 units @ $12 Apr 14 Sale 36 units Apr 21 Purchase 18 units @ $15 Apr 25 Sale...

1. Beginning inventory, purchases and sales data for T-shirts are as follows:

Apr 3                Inventory          24 units            @         $10

Apr 11              Purchase          26 units            @         $12

Apr 14              Sale                  36 units

Apr 21              Purchase          18 units            @         $15

Apr 25              Sale                  20 units

Assuming the business maintains a periodic inventory system, calculate the cost of merchandise sold and ending inventory under the following assumptions:

1. First-in, first-out


2. Last-in, first out