The following information is taken from the records of West End Distributors Inc. The company uses the periodic inventory system.

At May 31, 200 units remain unsold. For specific identification purposes, items on hand were:
100 units of purchase #1
100 units of purchase #4
Required:
1. Calculate the cost of ending inventory under each of the following costing methods:
a. FIFO
b. Specific identification
c. Weighted average.
2. Complete the following partial income statements:

Transcribed Image Text:

Unit cost $1 Units 100 200 125 350 150 May Opening 1 Inventory 6 Purchase #1 12 Purchase #2 19 Purchase #3 29 Purchase #4 FIFO Spec. ident. Wtd. average $1,500 $1,500 $1,500 Sales Cost of goods sold Opening inventory Purchases Cost of goods available Less: Ending inventory ks. Cost of goods sold Gross profit