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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Craig Company buys and sells one product. Its beginning inventory, purchases, and sales during calendar-year 2018 follow. Date Activity Units Acquired at Cost Units Sold at Retail Unit Inventory Jan. 1 Beg. inventory 400 units @ S14 = $ 5.600 400 units Jan. 15 Sale 200 units @ $30 200 units Mar. 10 Purchase 200 units @ $15 = $ 3,000 400 units Apr. Sale 200 units @ $30 200 units May 9. Purchase 300 units @ $16 = S 4,800 500 units Sep. 22 Purchase 250 units @ S20 = $ 5.000 750 units Nov. Sale 300 units @ $35 450 units Nov. 28 Purchase 100 units @ $21 $ 2.100 550 units Totals 1,250 units $20.500 700 units Craig Company buys and sells one product. Its beginning inventory, purchases, and sales during calendar-year 2018 follow. Date Activity Units Acquired at Cost Units Sold at Retail Unit Inventory Jan. 1 Beg. inventory 400 units @ S14 = $ 5.600 400 units Jan. 15 Sale 200 units @ $30 200 units Mar. 10 Purchase 200 units @ $15 = $ 3,000 400 units Apr. Sale 200 units @ $30 200 units May 9. Purchase 300 units @ $16 = S 4,800 500 units Sep. 22 Purchase 250 units @ S20 = $ 5.000 750 units Nov. Sale 300 units @ $35 450 units Nov. 28 Purchase 100 units @ $21 $ 2.100 550 units Totals 1,250 units $20.500 700 units