The following items were purchased by Kudos Leather Goods during the month of April: April 2 34
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The following items were purchased by Kudos Leather Goods during the month of April:
April 2 34 wallets @ $12.95 each
April 8 24 wallets @ $13.10 each
April 18 15 wallets @ $13.25 each
April 26 20 wallets @ $13.27 each
On April 1 the business had in inventory 19 wallets valued at $12.90 each. On April 30 the business had 36 wallets in inventory; of these wallets, 8 were purchased on April 2, 15 were purchased on April 8, 3 were purchased on April 18, and 10 were purchased on April 26. Instructions In your working papers, calculate the cost of the ending inventory using:
a. The specific identification method
b. The FIFO method
c. The LIFO method
d. The weighted average method
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