A company had the following purchases and sales data for the month of December. The company uses perpetual inventory system. Calculate ending inventory and cost of goods sold under each inventory valuation method: Specific Identification, FIFO, LIFO & Weighted Average

Date Activity Units Acquired @ cost Units sold @ retail Units in Inventory

Dec 1 Beginning Inventory 5 units @ $3.00 = $15

Dec 8 Purchases 10 units @ 4.50 = $45

Dec 9 Sales 8 units @ $7.00 Dec 19 Purchases 13 units @ 5.00 = $65

Dec 24 Sales 18 units @ $8.00

Dec 30 Purchases 8 units @ 5.30 = $42.40

TOTALS 36 units available for sale total cost = 167.40 26 units sold 10 units remaining