Chapter 5 Handout Assume the following data with respect to inventory for the Cooper Company: August 1 - Beg Inv 40 units @ $10 per unit 400 August 8 - Purchase August 22 -Purchase 50 units @ $11 per unit 550 35 units @ $12 per unit 420 Goods Available for Sale 125 units 1370 August 15 - Sale 45 units August 26 - Sale 25 units Total Sales, in units 70 units August 31 End Inv, in units 55 units Assuming that the actual inventory consists of 30 units from the August 8 purchase and 25 units from the purchase of August 22, calculate the cost of Ending Inventory and Cost of Goods Sold for each of the following methods; Label your work carefully! 1. Specific Identification 2. Periodic: FIFO 3. Periodic: LIFO 4. Periodic: Weighted Average 5. Perpetual: FIFO 6. 'Perpetual: LIFO 7. Perpetual: Weighted Average