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Fir Ridge Company uses a periodic inventory system. It entered into the following purchases and sales transactions for October. Date Activities Units Acquired at Cost

Fir Ridge Company uses a periodic inventory system. It entered into the following purchases and sales transactions for October.

Date

Activities

Units Acquired at Cost

Units Sold at Retail

Oct. 1

Beginning inventory

170 units @ $75 per unit


Oct. 5

Purchase

430 units @ $80 per unit


Oct. 13

Sales


450 units @ $120 per unit

Oct. 19

Purchase

300 units @ $85 per unit


Oct. 25

Purchase

330 units @ $90 per unit


Oct. 29

Sales


290 units @ $130 per unit

For specific identification, the October 13 sale consisted of 90 units from beginning inventory and 360 units from the October 5 purchase; the October 29 sale consisted of 100 units from the October 19 purchase and 190 units from the October 25 purchase.

  1. 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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