The Shoooot-It Camera Shop uses a one-year fiscal period beginning January 1. At the beginning of the fiscal period, the shop had a beginning inventory of film valued at $867.90 (526 rolls at $1.65 per roll). During the year, the shop made the following purchases: 

There were 621 rolls of film in inventory at the end of the fiscal year.

Instructions

On the form provided in your working papers, calculate the cost of the ending inventory using the specific identification, FIFO, LIFO, and weighted average cost methods. For the specific identification method, 165 of the rolls were purchased on September 3 and 456 were purchased on July 8.

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January 13 March 2 April 14 July 8 September 3 November 19 Totals 400 rolls of film @ $1.67 600 rolls of film @ $1.73 300 rolls of film @ $1.76 700 rolls of film @ $1.79 = 200 rolls of film @ $1.81 300 rolls of film @ $1.83 2,500 rolls $ 668 1,038 528 1,253 362 549 $4,398