Date

Activities

Units Acquired at Cost

Units sold at Retail

Jan.	1		Beginning inventory	235	units	@	$	16.00	=	$	3,760
Jan.	10		Sales										185	units	@	$	25.00
Jan.	20		Purchase	180	units	@	$	15.00	=		2,700
Jan.	25		Sales										200	units	@	$	25.00
Jan.	30		Purchase	370	units	@	$	14.50	=		5,365
			Totals	785	units					$	11,825		385	units

Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.

2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.

3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.

4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.

Specific Identification
	Available for Sale			Cost of Goods Sold			Ending Inventory
Purchase Date	Activity	Units	Unit Cost	Units Sold	Unit Cost	COGS	Ending Inventory- Units	Cost Per Unit	Ending Inventory- Cost
Jan. 1	Beginning inventory	235
Jan. 20	Purchase	180
Jan. 30	Purchase	370
		785		0		$0	0		$0