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The Happy Store showed the following information relating to one of its products. Dates Transaction 1/1 Inventory 1/5 Purchases 1/8 Sales 1/10 Purchases 1/18 Sales 1/22 Purchases 1/30 Sales Details 250 units @ $17.00 100 @ 18.00 200 units 900 units @ $19.00 800 units 1,200 units @ $20.00 1,000 units Units Goods Available for Sale Dates Type 1/1 Inventory 1/5 Purchases 1/10 Purchases 1/22 Purchases Goods Available for Sale Less: Cost of Goods Sold (units) - 200 + 800 + 1,000 Ending Inventory (Units) Cost/Unit 250 $ 17.00 100 18.00 900 19.00 1,200 20.00 2,450 2,000 450 Units Amounts $ 4,250.00 1,800.00 17,100.00 24,000.00 $ 47,150.00 Periodic Inventory System First-In, First-Out (FIFO) Ending Inventory consists of 450 Units: 450 Units @ $20 = $ 9,000.00 Cost of Goods Sold = Goods Available for Sale - Ending Inventory = $47,150 - $9,000 = $ 38,150.00 $ Last-In, First-Out (LIFO) Ending Inventory consists of 450 Units: 250 Units @ $17 = 100 Units @ $18 = 100 Units @ $19 = Ending Inventory 4,250.00 1,800.00 1,900.00 7,950.00 $ Cost of Goods Sold = Goods Available for Sale - Ending Inventory = $47,150 - $7,950 = $ 39,200.00 Periodic Inventory System Weighted Average Cost Weighted Average Cost/Unit = Goods Available for Sales (in dollars)/Goods Available for Sales (in units) =$47,150/2,450 Units = $ 19.24 Ending Inventory = Ending Inventory (Units) * Weighted Average Cost/Unit = 450 Units * $19.24 = $ 8,658.00 Cost of Goods Sold = Goods Available for Sale - Ending Inventory = $47,150 - $8,658 = $ 38,492.00 Please attempt to do the following for this question for Tuesday's class. b) What were the values of ending inventory and costs of goods sold under a perpetual inventory system assuming a (1) FIFO (2) LIFO (3) average cost flow (Note: Round unit costs to two decimal places.)

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