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Problem 1: Beginning inventory 15 units @ $6 per unit, First purchase 30 units @ $7 per unit First sale 25 units Second purchase 35 units @ $8 per unit Second sale 40 units Third purchase 20 units @ $9 per unit What is the value of the ending inventory using a perpetual inventory system with the LIFO costing method?
A) $270
B) $285
C) $300
D) $490
E) None of the above
Problem 2: Beginning inventory 15 units @ $6 per unit, First purchase 30 units @ $7 per unit , First sale 25 units Second purchase 35 units @ $8 per unit Second sale 40 units Third purchase 20 units @ $9 per unit What is the value of the ending inventory using a perpetual inventory system with the FIFO costing method?
B) $275
D) $460
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