Question
Elm Grove Enterprises uses a periodic inventory system. It entered into the following purchases and sales transactions for July. Date Activities Units Acquired at Cost
Elm Grove Enterprises uses a periodic inventory system. It entered into the following purchases and sales transactions for July.
Date | Activities | Units Acquired at Cost | Units Sold at Retail |
Jul. 1 | Beginning inventory | 200 units @ $55 per unit | |
Jul. 4 | Purchase | 420 units @ $60 per unit | |
Jul. 10 | Sales | 450 units @ $85 per unit | |
Jul. 17 | Purchase | 280 units @ $65 per unit | |
Jul. 24 | Purchase | 360 units @ $70 per unit | |
Jul. 28 | Sales | 300 units @ $95 per unit |
For specific identification, the July 10 sale consisted of 120 units from beginning inventory and 330 units from the July 4 purchase; the July 28 sale consisted of 100 units from the July 17 purchase and 200 units from the July 24 purchase.
- Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. (Round your average cost per unit to 2 decimal places.)
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