ACCT 101 Chapter 6 FIFO, LIFO, MWIA, Specific Identification Practice Question ABC Company has the following inventory and purchases during the fiscal year ended December 31, 2020: Beginning inventory Jan 10 July 21 Oct 5 Dec 15 50 units $11/unit 40 units 10/unit 10 units 12/unit 20 units 13/unit 30 units 14/unit ABC Company has two sales during the period. The specific units sold are the entire beginning inventory, 20 units from the Jan 10 purchase, and 15 units from the Oct 5 purchase. The units have a selling price of $75.00 per unit. Feb 28 Oct 31 REQUIRED: 55 units 30 units 1. Calculate cost of goods available for sale and units available for sale (5 marks). 2. Calculate units remaining in ending inventory (2 mark). 3. Assuming a PERPETUAL SYSTEM, calculate the dollar value of ending inventory using the following methods (20 marks). (a) FIFO method (c) LIFO Method (b) Moving Weighted Average (d) Specific Identification Method