Question: Refer to Exercise 6-3 and assume the periodic inventory system is used. Determine the costs assigned to ending inventory and to cost of goods sold

Refer to Exercise 6-3 and assume the periodic inventory system is used. Determine the costs assigned to and to cost of goods sold using
(a) Specific identification,
(b) Weighted average,
(c) FIFO, and
(d) LIFO.

Date Activities Units Acquired at Cost Units Sold at Retail Mar Beginning inventory...150 units $7.00 $1.050 90 units @ $I5 Mar 20 Purchase Mar 25 Sales.. Mar. 30 Purchase 220 units @ $6.00 1.320 145 units @ $15 90 units @ $5.00= 450 Totals 460 units $2,820 235 units

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