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Cedar Valley Co. uses a periodic inventory system. It entered into the following purchases and sales transactions for August. Date Activities Units Acquired at Cost

Cedar Valley Co. uses a periodic inventory system. It entered into the following purchases and sales transactions for August.

Date

Activities

Units Acquired at Cost

Units Sold at Retail

Aug. 1

Beginning inventory

130 units @ $65 per unit


Aug. 6

Purchase

390 units @ $70 per unit


Aug. 12

Sales


420 units @ $100 per unit

Aug. 19

Purchase

270 units @ $75 per unit


Aug. 27

Purchase

310 units @ $80 per unit


Aug. 31

Sales


260 units @ $110 per unit

For specific identification, the August 12 sale consisted of 80 units from beginning inventory and 340 units from the August 6 purchase; the August 31 sale consisted of 90 units from the August 19 purchase and 170 units from the August 27 purchase.

  1. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. (Round your average cost per unit to 2 decimal places.)

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