34. A method of allocating merchandise cost a. last-in, e separately idt reguiring each item sold and each item inventory to be separately identified with respect to its pu remaining in fopaatly identified with respeet to its purchase cost is a. last-in, first-out method b. first-in, first-out method. c. specific identification method d. weighted-average method. 35. A method of allocating merchandise cost that assigns the ending inventory shown on the balance sheet is called the most recent purchased costs to the a. last-in, first-out method. b, first-in, first-out method. c. specific identification method. d. weighted-average method. 36. The following data applies to a particular item of merchandise: On hand at start of period 300 $5.10 Ist purchase 500 $5.20 2nd purchase 700 $5.30 3rd purchase 600 $5.50 Number of units available for sale 2,100 On hand at end of period 500 Number of units sold during period 1,600 Of the 1,600 units sold during the period, 300 were from the beginning inventory; 500 from the first purchase; 600 from the second purchase; and 200 from the last purchase. Using the specific identification costing method, the amount of the cost of goods sold would be a. $2,730. b. $8,410 c. $11,140. d. $13,870. 37. The following data applies to a particular item of merchandise: On hand at start of period 300 $5.10 Ist purchase 500 $5.20 2nd purchase 700 $5.30 3rd purchase 600 $5.50 Number of units available for sale 2,100 On hand at end of period 500 Number of units sold during period 1,600 Of the 1,600 units sold during the period, 300 were from the beginning inventory; 500 from the first purchase; 600 from the second purchase; and 200 from the last purchase. Using the specific identification costing method, the value of inventory on hand at the end of the period would be a. $2,730. b. $2,570. c. $8,390 d. $8,410