Additional tracking data for specific identification: (1) January 15 sale200 units @ $14, (2) April 1 sale200
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Additional tracking data for specific identification: (1) January 15 sale—200 units @ $14, (2) April 1 sale—200 units @ $15, and (3) November 1 sale—200 units @ $14 and 100 units @ $20.
(1.) What is the Cost of Good Available for Sale ? How many units are available for sale?
(2.) Using the Periodic System, determine Cost of Goods Sold (COGS) and Ending Inventory using one of the methods: Specific Identification, Weighted Average, FIFO or LIFO. Show your work.
(3.) Explain how the calculation might be different if you used Perpetual System instead.
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