Schonfeld Corporation began operations on December 1 2014 The only
Schonfeld Corporation began operations on December 1, 2014. The only inventory transaction in 2014 was the purchase of inventory on December 10, 2014, at a cost of $20 per unit. None of this inventory was sold in 2014. Relevant information for fiscal 2015 is as follows:
During 2015, the following purchases and sales were made:
The company uses the periodic inventory method.
Instructions
Determine ending inventory under
(1) Specific identification,
(2) FIFO, and
(3) Weighted average cost.
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