OBJECTIVE SHOW ME HOW 680 Exercise 6-50 inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the following data available for inventory, purchases, and sales for a recent year. Purchase Price Sale Price Activity Units (per unit) (per unit) Beginning inventory 110 $7.10 Purchase 1. Jan. 18 575 7.20 Sale 1 $12.00 Sale 2 225 12.00 Purchase 2, Mar. 10 7.50 Sale 3 270 12.00 Sale 4 290 12.50 Purchase 3, Sept. 30 230 7.70 Sale 5 12.50 Required: 1. Compute the cost of ending inventory and the cost of goods sold using the specific identifica tion method. Assume the ending inventory is made up of 40 units from beginning inventory. 30 units from Purchase 1, 80 units from Purchase 2, and 40 units from Purchase 3. 2. Compute the cost of ending inventory and cost of goods sold using the FIFO inventory cost ing method. 3. Compute the cost of ending inventory and cost of goods sold using the LIFO inventory cost ing method. 4. Compute the cost of ending inventory and cost of goods sold using the average cost inven. tory costing method. (Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) (Continued