Chapter 5 Handout Assume the following data with respect to inventory for the Cooper Company: $ 400 550 August 1 - Beg Inv August 8 - Purchase August 22 - Purchase Goods Available for Sale 40 units @ $10 per unit 50 units @ $11 per unit 35 units @ $12 per unit 125 units 420 $ 1370 August 15 - Sale August 28 - Sale Total Sales, in units 45 units 25 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