Accounting: What the Numbers Mean 11th Edition by Wayne McManus,Daniel Viele,David Marshall

Exercise 33

Cost flow assumptions-FIFO and LIFO using a periodic system Sales during the year were 700 units. Beginning inventory was 400 units at a cost of $10 per unit. Purchase 1 was 500 units at $12 per unit. Purchase 2 was 300 units at $14 per unit.
Required:
Calculate cost of goods sold and ending inventory under the following cost flow assumptions (using a periodic inventory system):
a. FIFO
b. LIFO