Problem: The Foley Company is a multi-product firm. Presented below is information concerning one of their products.
Date Transaction Quantity Cost
1-Jan Beginning Inventory 1,000 $12
4-Feb Purchase 2,000 $13
20-Feb Sale 1,000
2-Apr Purchase 4,000 $15
4-Nov Sale 4,000
Compute the cost of the ending inventory, assuming Foley uses
a.) Periodic -FIFO
b.) Perpetual-LIFO