Assignment: Inventory Valuation Methods

Sanchez Company has the following inventory information. Sanchez Company uses a periodic inventory system.

Date	Activity	Units Acquired at Cost	Units Sold at Retail
	Beginning Inventory	600 units @ 45
April 7	Purchase	400 units @ $42
April 9	Sales		800 units @$75 per unit
April 17	Purchases	200 units @ $27
April 23	Purchases	100 units @ $50
April 27	Purchases	500 units @46
June 30	Sales		600 units @ $75 per unit

Instructions

1. Compute cost of goods available for sale and the number of units available for sale.
2. Compute the number of units in ending inventory.
3. Compute the cost assigned (round all amounts to cents) to ending inventory using:
   1. FIFO,
   2. LIFO,
   3. Weighted average, and
   4. Specific identification.
      1. Assume ending inventory is:
         1. 100 units: April 7 purchase,
         2. 50 units: April 23 purchase, and
         3. 250 units: April 27 purchase.