b$.$ A weighted average cost basis

Which method provides the lower profit and why?

$*$Exercise $6-17$ Alternative cost flow assumptions$-$periodic L$08$

CHECK FIGURE: b$.$ Ending inventory $=$$$350\mathrm{.}30$

Jasper & Williams made purchases of a particular product in the current year as follows:

Required Ending inventory consists of $155$ units. Assuming a periodic system, determine the costs to be assigned to cost of goods sold and ending inventory under:

a$.$ FIFO

b$.$ Weighted average cost basis

Which method provides the lower profit, and why?

$*$Exercise $6-18$ Specific identification cost flow assumption$-$periodic LO$8$

CHECK FIGURE: COGS $=$$$1,761\mathrm{.}20$

Use the information in Exercise $6-17.$ Assume that the specific identification method is used to assign costs to cost of goods sold ending inventory. The units in ending inventory were specifically identified as follows:

$80$ units from beginning inventory

$27$ units from the March $7$ purchase

$48$ units from the July $28$ purchase

Required Determine the cost to be assigned to ending inventory and cost of goods sold.

An asterisk ${(}^{**})$ identifies assignment material based on Appendix $6$A$.$