exercise 5 12a inventory costing periodic system l o p3 harold co reported the fo 384570

Exercise 5 12A Inventory costing periodic system L.O. P3 Harold Co. reported the following current year purchases and sales data for its only product. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 160 units @ $12.40 = $ 1,984 Jan. 10 Sales 150 units @$42.40 Mar. 14 Purchase 310 units @ $17.40 = 5,394 Mar. 15 Sales 200 units @$42.40 July 30 Purchase 460 units @ $22.40 = 10,304 Oct. 5 Sales 240 units @$42.40 Oct. 26 Purchase 660 units @ $27.40 = 18,084 Totals 1,590 units $ 35,766 590 units Harold uses a periodic inventory system. (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. (Omit the “$” sign in your response.) Ending inventory Cost of goods sold FIFO $ $ (b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. (Omit the “$” sign in your response.) Ending inventory Cost of goods sold LIFO $ $