*Exercise 6-17 Alternative cost flow assumptions-periodic L08 CHECK FIGURE: b. Ending inventory = $350.30 Jasper & Williams made purchases of a particular product in the current year as follows: Jan. 1 Mar. 7 July 28 Oct. 3 Beginning inventory. Purchased. Purchased Purchased. . Totals. a. FIFO b. Weighted average cost basis Which method provides the lower profit, and why? . 120 units @ $2.10 = 250 units 500 units $2.20 = $2.30 = 60 units @ $2.45 = 930 units @ Required Ending inventory consists of 155 units. Assuming a periodic system, determine the costs to be as- signed to cost of goods sold and ending inventory under: @ $ 252 550 1,150 147 $2,099 *Exercise 6-18 Specific identification cost flow assumption-periodic L08 CHECK FIGURE: COGS = $1,761.20 Use the information in Exercise 6-17. Assume that the specific identification method is used to assign costs to cost of goods sold ending inventory. The units in ending inventory were specifically identified as follows: 80 units from beginning inventory 27 units from the March 7 purchase 48 units from the July 28 purchase

"Exercise 6-17 Alternative cost flow assumptions-periodic LO8 CHECK FIGURE: b. Ending inventory =$350.30 Jasper \& Williams made purchases of a particular product in the current year as follows: Required Ending inventory consists of 155 units. Assuming a periodic system, determine the costs to be assigned to cost of goods sold and ending inventory under: a. FIFO b. Weighted average cost basis Which method provides the lower profit, and why? "Exercise 6-18 Specific identification cost flow assumption-periodic LO8 CHECK FIGURE: COGS =$1,761.20 Use the information in Exercise 6-17. Assume that the specific identification method is used to assign costs to cost of goods sold ending inventory. The units in ending inventory were specifically identified as follows: - 80 units from beginning inventory - 27 units from the March 7 purchase - 48 units from the July 28 purchase