Reference no: EM132785744

AB Corporation has provided the following information about one of its inventory items:

Date           Transaction                Number of Units            Cost per Unit

1/1        Beginning Inventory                580                         $2,250

6/6            Purchase                          870                        $4,050

9/10                Purchase                      1,290                     $5,350

11/15                  Purchase                     930                $5,550

problem 1) If During the year, RJ sold 2,920 units. What was ending inventory using the average cost flow assumption under a periodic inventory system?

problem 2) If During the year, RJ sold 3,300 units. What was ending inventory using the LIFO cost flow assumption under a periodic inventory system?