9.

Periodic Inventory System and Inventory Costing Methods

Portia's Parts Shop recorded the following purchases and sales during the past year:

Jan.	1	Beginning inventory	125		cases @ $23	$ 2,875
Feb.	25	Purchase	100		cases @ $26	2,600
June	15	Purchase	200		cases @ $28	5,600
Oct.	15	Purchase	150		cases @ $28	4,200
Dec.	15	Purchase	100		cases @ $30	3,000
Goods available for sale			675			$18,275
Total sales			500		cases
Dec.	31	Ending inventory	175		cases

Assume for the specific identification method that the company sold all of the June 15 purchase and 100 cases each from the January 1 beginning inventory, the October 15 purchase, and the December 15 purchase.

Determine the costs that should be assigned to ending inventory and cost of goods sold according to the periodic inventory method under each of the assumptions that follow.

Costs are assigned by the specific identification method.

Cost of goods sold:	$
Ending inventory:	$

Costs are assigned by the average-cost method. In your calculations round average unit cost to the nearest dollar.

Cost of goods sold:	$
Ending inventory:	$

Costs are assigned by the FIFO method.

Cost of goods sold:	$
Ending inventory:	$

Costs are assigned by the LIFO method.

Cost of goods sold:	$
Ending inventory:	$