Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and(d) specific identification For specific identification units sold consist of 540 units from beginning inventory, 220 from the February 10 purchase, 100 from the March 13 purchase, 70 from the August 21 purchase, and 360 from the September 5 purchase Date Activities Units Acquired at Cost Units Sold at Retail Jan 1 Beginning inventory 540 units $ 40 per unit Feb 10 Purchase 320 units $ 36 per unit Mar 13 Purchase 100 units $ 24 per unit Mar 15 Sales 650 units $ 85 per unit Aug 21 Purchase 120 units $ 45 per unit Sept 5 Purchase 520 units $ 41 per unit Sept 10 Sales 640 units $ 85 per unit Totals 1,600 units 1,290 units Date Activities Units Acquired at Cost Units Sold at Retail Jan 1 Beginning inventory 540 units $ 40 per unit Feb 10 Purchase 320 units $ 36 per unit Mar 13 Purchase 100 units $ 24 per unit Mar 15 Sales 650 units $ 85 per unit Aug 21 Purchase 120 units $ 45 per unit Sept 5 Purchase 520 units $ 41 per unit Sept 10 Sales 640 units $ 85 per unit Totals 1,600 units 1,290 units

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

Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and(d) specific identification. For specific identification units sold consist of 540 units from beginning inventory, 220 from the February 10 purchase, 100 from the March 13 purchase, 70 from the August 21 purchase, and 360 from the September 5 purchase

Date		Activities	Units Acquired at Cost	Units Sold at Retail
Jan.	1		Beginning inventory	540	units	@	$	40	per unit
Feb.	10		Purchase	320	units	@	$	36	per unit
Mar.	13		Purchase	100	units	@	$	24	per unit
Mar.	15		Sales							650	units	@	$	85	per unit
Aug.	21		Purchase	120	units	@	$	45	per unit
Sept.	5		Purchase	520	units	@	$	41	per unit
Sept.	10		Sales							640	units	@	$	85	per unit

			Totals	1,600	units					1,290	units

Date		Activities	Units Acquired at Cost	Units Sold at Retail
Jan.	1		Beginning inventory	540	units	@	$	40	per unit
Feb.	10		Purchase	320	units	@	$	36	per unit
Mar.	13		Purchase	100	units	@	$	24	per unit
Mar.	15		Sales							650	units	@	$	85	per unit
Aug.	21		Purchase	120	units	@	$	45	per unit
Sept.	5		Purchase	520	units	@	$	41	per unit
Sept.	10		Sales							640	units	@	$	85	per unit

			Totals	1,600	units					1,290	units

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