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find FIFO a. Compute the amount of goods available for sale. b. & c. Compute the amount of ending inventory and cost of goods sold
find FIFO
a. Compute the amount of goods available for sale. b. \& c. Compute the amount of ending inventory and cost of goods sold at December 31 , under Average cost, First-in, firstfirst-out and Specific identification inventory costing methods. For Specific identification, assume that the first sale was sele fifths from the beginning inventory and three-fifths from the purchase of January 30 . Assume that the second sale was sele the remainder of the beginning inventory, with the balance from the purchase of May 1. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Compute the amount of ending inventory and cost of goods sold at December 31 under Average cost, First-in, first-out, Lastin, first-out, Specific identification of the inventory costing methods. For Specific identification, assume that the first sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30 . Assume that the second sale was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1. Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount Step by Step Solution
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