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A company uses a periodic inventory system and reports purchases and sales data for its only product. Required: 1. Determine the cost assigned to ending
A company uses a periodic inventory system and reports purchases and sales data for its only product. Required: 1. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. 2. Compute gross profit for the four inventory methods. Enter answers in the tabs below. \begin{tabular}{|l||c|c|c|c|c|} \hline Req 1A & Req 1B & Req 1C & Req 1D & Req 2 \\ \hline \end{tabular} Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory consists of 230 units, where 200 are from the April 30 purchase, 5 are from the April 18 purchase, and 25 are from beginning inventory. \begin{tabular}{|l|l|c|c|c|c|c|c|c|} \hline a) Specific Identification & \multicolumn{3}{|c|}{ Cost of Goods Available for Sale } & \multicolumn{2}{c|}{ Cost of Goods Sold } & \multicolumn{2}{c|}{ Ending Inventory } \\ \hline & Numberofunits & Costperunit & GoodsAvailableforSale & Numberofunitssold & Costperunit & CostofGoodsSold & Numberofunitsininventory & Costperunit \\ \hline Beginning inventory & & & & & & & \\ Inventory \\ \hline Purchases: & & & & & & & \\ \hline April 18 & & & & & & \\ \hline April 30 & & & & & & \\ \hline Total & & & & & & \\ \hline \end{tabular} Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Compute gross profit for the four inventory methods. Note: Round cost per unit to 2 decimal places and final answers to the nearest whole dollars
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