Financial ACC Question-Specific Identification Method Imagine you manage a high-end specialty liquor store with an extensive collection of rare spirits. Among your premium inventory are the following distinctive bottles: Limited Edition Scotch Whisky-Cost: $300 Japanese Single Malt Whisky - Cost: $250 Aged Rum from the Caribbean - Cost: $180 Craft American Bourbon - Cost: $120 Your ending inventory comprises two bottles of Limited Edition Scotch Whisky, three bottles of Japanese Single Malt Whisky, four bottles of Aged Rum from the Caribbean, and five bottles of Craft American Bourbon. Calculate the value of your ending inventory using the Specific Identification Method: a) Compute the value of each type of spirit based on its specific cost and quantity. b) Sum up the individual values to determine the total value of your ending inventory using the Specific Identification Method. Question - FIFO Method An advanced electronics retail establishment adhering to the FIFO (First-In-First-Out) inventory method commences the fiscal year with an inventory of 300 units of a specific laptop model, each initially valued at $600. The ensuing months witness a series of intricate purchase and sales transactions that shape the overall inventory dynamics: Purchases: March: Procured 200 additional units at an increased cost of $650 each. June: Acquired a supplementary 150 units at a heightened price of $680 each. September: Expanded the inventory with an infusion of 180 units, incurring a cost of $700 per unit. Sales: April: Liquidated 180 units from the inventory. July: Executed a sale involving 100 units. November: Facilitated a substantial sale, depleting 250 units from the available stock. To ascertain the financial standing at the close of the fiscal year under the FIFO method, calculate the following: a) Calculate the closing value of the remaining laptops in the inventory based on the FIFO principle. b) Compute the total cost incurred for the units sold during the year. (COGS) Question - Moving Weighted Average A manufacturing firm employs the weighted average method for inventory valuation and follows a policy of recalculating a moving average cost with each new inventory acquisition. At the start of the month, the company possessed 300 units in stock at a cost of $8 each. Subsequently, during the month, they executed the following purchases: Purchase 1: Acquired 200 units at a unit cost of $10 on the 5 of the month.