Activities Beginning inventory Sales A company uses a periodic inventory system and reports purchases and sales data for its only product. Date April 1 April 3 Units Acquired at Cost 235 units $ 16.00-$3,760 Units sold at Retail 185 units $ 25.00 April 18 April 22 April 30 Purchase 180 units $ 15.00- 2,700 Sales 200 units $ 25.00. Purchase Totals 385 units $13.00- 5,005 800 units $ 11,465 385 units 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. Req 1A Req 18 Req1C Req1D Req 2 Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, where 385 are from the April 30 purchase, 5 are from the April 18 purchase, and 25 are from beginning inventory. Cost of Goods Available for Sale Cost of Goods Sold a) Specific Identification Ending Inventory Number of units. Cost per unit Goods Available Number of units sold Cost per unit Cost of Goods for Sale Sold Number of units in inventory Cost per unit In Beginning inventory Required: 1. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (d FIFO, and (d) LIFO 2. Compute gross profit for the four inventory methods. Enter answers in the tabs below. Req 1A Req 18 Req1C ReqID Req 2 Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory consists of 415 units, where 385 are from the April 30 purchase, 5 are from the April 18 purchase, and 25 are from beginning inventory. Cost of Goods Available for Sale a) Specific Identification Number of units Cost per unit Beginning inventory Purchases April 18 April 30 Total Goods Available for Sale Cost of Goods Sold Number of Cost per units sold Cost of Goods unit Sold Number of units in Inventory Ending Inventory Cost per unit Ending Inventory Reg A Req 18 >