Tori Amos Corporation began operations on December 1, 2019. The only inventory transaction in 2019 was the purchase of inventory on December 10, 2019, at a cost of $20 per unit. None of this inventory was sold in 2019. Relevant information is as follows.

During the year, the following purchases and sales were made.

The company uses the periodic inventory method.

Instructions

a. Determine ending inventory under (1) specific identification, (2) FIFO, (3) LIFO, and (4) average-cost.?

b. Determine ending inventory using dollar-value LIFO. Assume that the December 2, 2020, purchase cost is the current cost of inventory.

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Ending inventory units December 31, 2019 December 31, 2020, by purchase date December 2, 2020 July 20, 2020 100 100 150 50 Purchases 300 units at $24 300 units at 25 200 units at 28 100 units at 30 Sales March 15 July 20 September 4 December 2 April 10 August 20 November 18 December 12 200 300 150 200