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Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 660 units @ $60 per unit February 10 Purchase 330 units
Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 660 units @ $60 per unit February 10 Purchase 330 units @ $57 per unit March 13 Purchase 110 units @ $45 per unit March 15 Sales 715 units @ $70 per unit August 21 Purchase 160 units @ $65 per unit September 5 Purchase 570 units @ $61 per unit September 10 Sales 730 units @ $70 per unit Totals 1, 830 units 1, 445 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. Cost of goods available for sale Number of units available for sale units 2. Compute the number of units in ending inventory. Ending inventory units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. (For specific identification, units sold consist of 660 units from beginning inventory, 230 from the February 10 purchase, 110 from the Mc
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