Calculate cost of goods available for sale. Notice the units available for sale are already totaled. (See Exhibit 5.3 as a guide.) Activities Units Acquired at Cost = Beginning inventory 600 units @ $45.00 = Feb. 10 400 units @ $42.00 = Mar. 13 200 units @ $27.00 = Aug. 21 100 units @ $50.00 = Sept. 5 500 units @ $46.00 = Total Goods Available For Sale 1,800 units 2. Units in ending inventory: Units available Less: Units sold Ending Inventory (units) Req. 3 Periodic Inventory a. FIFO Cost of goods available for sale (from part 1) Ending Inventory: Cost of Goods Sold Periodic Inventory b. LIFO Cost of goods available for sale (from part 1) Ending Inventory: Cost of Goods Sold Periodic Inventory c. Weighted average Calculate weighted average cost per unit: Cost of goods available for sale Ending Inventory: Cost of Goods Sold d. Specific identification Cost of goods available for sale (from part 1) Cost of Goods Sold Ending Inventory: Req. 4 Weighted Specific FIFO LIFO Average Identification Sales Less: Cost of goods sold Gross profit Req. 5

The costs of units sold were 1400 units@ $75.00 per unit