Question: Flora's Gifts reported the following current-month data for its only product. The company uses a periodic inventory system, and its ending Inventory consists of 82
Flora's Gifts reported the following current-month data for its only product. The company uses a periodic inventory system, and its ending Inventory consists of 82 units-61 units from the January 6 purchase and 21 units from the January 25 purchase. Jan. 1 Beginning inventory Jan. 6 Purchase Jan. 17 Purchase Jan. 25 Purchase Totals 190 units @ $4.10 = $ 779.00 366 units @ $3.90 = 1, 427.40 595 units @ $3.40 = 2,023.00 33 units @ $3.10 = 102.30 1,184 units $4,331.70 (a-d) Determine the cost assigned to ending Inventory and to cost of goods sold for the following. (Do not round intermediate calculations and round your answers to nearest whole dollar.) Ending Inventory Cost of Goods Sold (a) Specific identification (b) Weighted average (c) FIFO (d) LIFO
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