7.Which is generally not a characteristic for the specific Identification method for inventory costing

Inventory has a high cost per item

Inventory is usually many items of a like kind nature

The number of Inventory Items are few and the items are unique

There is no such inventory costing method known as specific identification

Use the following information for questions 8-10

Date Units Cost/Unit Total Sales Price/Unit

6/1/15 Beginning Inventory 23 $10.00 $230

6/5/15 Purchase 15 $11.00 $165

6/7/15 Sale 20 $25.00

6/9/15 Purchase 10 $12.00 $120

6/20/15 Sale 25 $27.00

8.Using FIFO Compute Sales, Cost of Goods Sold, Gross Profit and ending inventory for June 2015

Sales $1,175, Cost of Goods Sold $479, Gross Profit $696, ending inventory $36

Sales $1,175, Cost of Goods Sold $467, Gross Profit $708, ending inventory $36

Sales $1,125, Cost of Goods Sold $479, Gross Profit $646, ending inventory $36

Sales $1,175, Cost of Goods Sold $479, Gross Profit $696, ending inventory $46

9.Using LIFO Compute Sales, Cost of Goods Sold, Gross Profit and ending inventory for June 2015

Sales $1,125, Cost of Goods Sold $485, Gross Profit $640, ending inventory $30

Sales $1,125, Cost of Goods Sold $500, Gross Profit $625, ending inventory $30

Sales $1,175, Cost of Goods Sold $485, Gross Profit $690, ending inventory $36

Sales $1,175, Cost of Goods Sold $485, Gross Profit $690, ending inventory $30

10. Using Weight Average, Compute Sales, Cost of Goods Sold, Gross Profit and ending inventory for June 2015 round to nearest $1

Sales $1,125, Cost of Goods Sold $473, Gross Profit $652, ending inventory $33

Sales $1,175, Cost of Goods Sold $473, Gross Profit $702, ending inventory $33

Sales $1,175, Cost of Goods Sold $497, Gross Profit $678, ending inventory $33

Sales $1,175, Cost of Goods Sold $482, Gross Profit $693, ending inventory $33