Costing Methods The Olds Company has the following inventory, purchases and sales during the fiscal year ended December 31, 2011. (Olds employs a perpetual inventory system). January 1... beginning inventory 600 units $110/unit February 13. purchased... 200 units $114/unit February 15.. sold. 300 units @$180/unit August 5. purchased. 345 units $118/unit August 10.. sold. 335 units $180/unit Required: 1. Using the inventory cards on pages 17 & 18, calculate the dollar value of (i) ending inventory, and (ii) cost of goods sold using: a. FIFO b. Moving Weighted Average Cost c. Specific Identification-assuming the sales were specifically identified as follows: Feb 15: 175 units from beginning inventory 125 units from the February 13 purchase Aug 10: 15 units from beginning inventory 320 units from the August 5 purchase FIFO Moving Weighted Average Cost Specific Identification L Ending Inventory Cost of Goods Sold 2. Using your calculations from part 1, complete the following schedule: Sales Cost of Goods Sold Gross Profit FIFO Moving Weighted Average Cost Specific Identification 3. Using information from your answers in part 1, journalize the credit sale on February 15 and the credit purchase on August 5 for each of the costing methods (OMIT explanations): a FIFO DATE ACCOUNT TITLES AND EXPLANATION PR DEBIT CREDIT b. Moving Weighted Average Cost DATE ACCOUNT TITLES AND EXPLANATION PR DEBIT CREDIT c Specific Identification DATE ACCOUNT TITLES AND EXPLANATION PR DEBIT CREDIT Inventory Method FIFO Purchases Unit Total Sales (at cost) Unit Date Units cost cost Units cost COGS Units Inventory Balance Unit cost Total cost Inventory Method Moving Weighted Average Cost Purchases Sales (at cost) Inventory Balance Unit Total Unit Unit Total Date Units cost cost Units cost COGS Units cost cost Inventory Method Specific Identification Inventory Balance Purchases Date Unit Sales (at cost) Unit Unit Total Total Units cost cost Units cost COGS Units cost cost