Blakely Corporation began operations on December 1, 2014. The only inventory transaction in 2014 was the purchase of inventory on December 15, 2014, at a cost of $76 per unit. None of this inventory was sold in 2014. Relevant information is as follows.

During the year the following purchases and sales were made.

The company uses the periodic inventory method.

Instructions
(a) Determine ending inventory under
(1) Specific identification,
(2) FIFO,
(3) LIFO,
(4) Average cost.
(b) Determine ending inventory using dollar-value LIFO. Assume that the November 20, 2015, purchase cost is the current cost ofinventory.

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Ending inventory units 100 December 31, 2014 December 31, 2015, by purchase date November 20, 2015 June 6, 2015 100 50 150 Purchases Sales March 20 June 6 September 1 300 units at $80pril 6 400 units at 8 July 7 300 150 300 300 300 units at 85 October 10 December 18 November 20 100 units at 90