A company uses a periodic inventory system and reports purchases and sales data for its only...

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A company uses a periodic inventory system and reports purchases and sales data for its only product. Date April 1 April 3 April 18 Activities Beginning inventory Units Acquired at Cost 155 units @ $ 8.00 = $ 1,240 Units sold at Retail Sales 115 units @ $ 17.00 April 22 Purchase Sales 90 units @ $7.00 = 630 . 95 units @ $.17.00 April 30 Purchase Totals 210 units 455 units @ $ 6.50 = 1,365 $ 3,235 210 units Required: 1. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. 2. Compute gross profit for the four inventory methods. Enter answers in the tabs below. Req A Req 1B Req1C Req1D Req 2 Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory consists where 210 are from the April 30 purchase, 5 are from the April 18 purchase, and 30 are from beginning inventory. a) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Number of units Cost per unit Goods Available for Sale Number of Cost per units sold Cost of Goods unit Sold Number of units in inventory Cost per unit Ending Inventory Beginning inventory Purchases: April 18 April 30 Total $ 0 0 $ 0 < Req 1A Req 1B > 0 $ 0 A company uses a periodic inventory system and reports purchases and sales data for its only product. Date April 1 April 3 April 18 Activities Beginning inventory Units Acquired at Cost 155 units @ $ 8.00 = $ 1,240 Units sold at Retail Sales 115 units @ $ 17.00 April 22 Purchase Sales 90 units @ $7.00 = 630 . 95 units @ $.17.00 April 30 Purchase Totals 210 units 455 units @ $ 6.50 = 1,365 $ 3,235 210 units Required: 1. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. 2. Compute gross profit for the four inventory methods. Enter answers in the tabs below. Req A Req 1B Req1C Req1D Req 2 Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory consists where 210 are from the April 30 purchase, 5 are from the April 18 purchase, and 30 are from beginning inventory. a) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Number of units Cost per unit Goods Available for Sale Number of Cost per units sold Cost of Goods unit Sold Number of units in inventory Cost per unit Ending Inventory Beginning inventory Purchases: April 18 April 30 Total $ 0 0 $ 0 < Req 1A Req 1B > 0 $ 0