ACCT 101 Chapter 6 FIFO, LIFO, MWIA, Specific Identification Practice Question ABC Company has the following inventory and purchases during the fiscal year ended December 31, 2020: Beginning inventory 50 units $11/unit Jan 10 40 units 10/unit July 21 10 units 12/unit Oct 5 20 units 13/unit Dec 15 30 units 14/unit ABC Company has two sales during the period. The specific units sold are the entire beginning inventory, 20 units from the Jan 10 purchase, and 15 units from the Oct 5 purchase. The units have a selling price of $75.00 per unit. Feb 28 55 units Oct 31 30 units REQUIRED: 1. Calculate cost of goods available for sale and units available for sale (5 marks). 2. Calculate units remaining in ending inventory (2 mark). 3. Assuming a PERPETUAL SYSTEM, calculate the dollar value of ending inventory using the following methods (20 marks). (a) FIFO method (b) Moving Weighted Average (c) LIFO Method (d) Specific Identification Method