Sherman Electric uses a periodic inventory system. The beginning inventory of a particular product, and the purchases during the current year, were as follows:
At December 31, the ending inventory of this product consisted of 65 units.
Using periodic costing procedures, determine (1) cost of the year-end inventory and, (2) cost of goods sold relating to this product under each of the following flow assumptions: 
Definitions:
Implement
Implement refers to the process of putting plans, strategies, or tools into effect to achieve desired outcomes.
Evaluate Decision Outcomes
The process of assessing the results of decision-making by analyzing the extent to which intended goals were achieved and understanding the impact of the decisions.
Preferred Solution
The most desired outcome or method for solving a problem or addressing a situation, often chosen based on effectiveness and feasibility.
Ambiguity
Ambiguity refers to the quality of being open to more than one interpretation, lack of clarity or definiteness, which can lead to confusion or misunderstanding in communication or decision-making.
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