Question: 3. Compute the cost assigned to ending inventory using (a) FIFO, (6) LIFO, (c) weighted average, and (c) specific identification. For specific identification, units sold

 3. Compute the cost assigned to ending inventory using (a) FIFO,

3. Compute the cost assigned to ending inventory using (a) FIFO, (6) LIFO, (c) weighted average, and (c) specific identification. For specific identification, units sold consist of 700 units from beginning inventory, 200 from the February 10 purchase, 100 from the March 13 purchase, 60 from the August 21 purchase, and 400 from the September 5 purchase. Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Specific Id Average Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold consist of 700 units from beginning inventory, 200 from the February 10 purchase, 100 from the March 13 purchase, 60 from the August 21 purchase, and 400 from the September 5 purchase. (Round your average cost per unit to 2 decimal places.) Cost of Goods Sold Ending Inventory # of units Cost per sold unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory 0 $ 50.00 $ 0 Specific Identification Cost of Goods Available for Sale Cost of # of units Cost per Goods unit Available for Sale Beginning inventory 700 S 50.00 $ 27,000 Purchases: Feb 10 300 $ 46.00 16,800 March 13 100 $ 40.00 S 5,400 Aug 21 110 $ 55.00 5,000 Sep 5 570 $ 52.00 23,000 Total 1,780 $ 77,200 200 $ 46.00 9,200 100 4.600 0 $ 46.00 $ 40.00 S 55.00 0 0 0 0 $ 9,200 $ 52.00 0 200 100 $ 4,600

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!