CHECK FIGURES: 1. Ending inventory: a. $35,345.00; b. $34,760.75; 2. Ending inventory = $35,020.00 The Obama Company has the following inventory purchases during the fiscal year ended December 31, 2020. Sales Feb. 15 ................................................................................... 415 units Aug. 10 ................................................................................... 320 units Beginning ........................................ 619 units @ $78/unit Feb. 13 ............................................. 335 units @ $75/unit Aug. 5 ............................................. 215 units @ $88/unit Obama Company has two sales during the period. The units have a selling price of $138 per unit. Obama Company uses a perpetual inventory system.

Required 1. Calculate the dollar value of cost of goods sold and ending inventory using a. FIFO b. Moving weighted average method (round the average cost per unit to two decimal places)

2. Calculate the dollar value of cost of goods sold and ending inventory using specific identification assuming the sales were specifically identified as follows: Feb. 15: 221 units from beginning inventory 194 units from the February 13 purchase Aug. 10: 216 units from beginning inventory 37 units from the February 13 purchase 67 units from the August 5 purchase

3. Using information from your answers in Parts 1 and 2, journalize the credit sale on February 15, and the credit purchase on August 5 for each of: a. FIFO b. Moving weighted average c. Specific identification

*Problem 6-3B Alternative cost flowsperiodic LO8

CHECK FIGURES: Cost of goods sold: a. $56,982.00; b. $58,049.68 Use the data from Problem 6-2B and do Part 1, assuming Obama Company uses a periodic inventory costing system. Round calculations to two decimal places