(C) Calculation of COGS and Ending Inventory Young & Crazy Company makes the following purchases: 1. item A on 22/11 for $10 2. item B on 2/15/11 for $12 3. item on 2/25/11 for $20 Young & Crazy Company sells item B on 2/28/11 for $90. Assume Beginning Inventory = 50. What is Young & Crazy's sales, cost of goods sold, and gross profit for February 2011, assuming the company used the FIFO, LIFO, Average Cost, and Specific Identification cost flow assumptions? What is Young & Crazy's ending inventory shown on Balance Sheet as of February 28, 2011? Complete the following tables. FIFO LIFO Weighted Average Specific Identification Income Statement for the month ended February 28 2011 Sales COGS Gross Profit Balance Sheet As of February 28 2011 Ending Inventory (D) Calculation of COGS and Ending Inventory Call-Mart Inc. had the following transactions in its first month of operations. Assume that beginning inventory = $0. Purchases Sold or Issued Balance March 2 2.000 a $4 2.000 units March 15 6.000 a $4.4 8.000 units March 19 4.000 units 4.000 units March 30 2.000 a $4.75 6.000 units Assume that Call-Mart Inc.'s 6,000 units of ending inventory consists of 1,000 units from the March 2 purchase, 3,00 from the March 15 purchase, and 2.000 from the March 30 purchase. 1. Calculate cost of goods available for sale. 2. Calculate Ending Inventory (ET) and Cost of Goods Sold (COGS) using (1) Specific Identification method, Average Cost method. (3) FIFO method. (4) LIFO method. (1) Specific Identification COGS BI 0 March 2 2.000 a $4 March 15 6.000 a $4.4 March 30 2.000 a $4.75