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Determine what is the ending inventory and cost of goods

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Reference no: EM132574400

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

Question 1: What is the ending inventory and cost of goods sold using the LIFO and FIFO methods.

Reference no: EM132574400

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