GLADSTONE COMPANY December 31, 2012 Units 1,800 $ Unit Cost 50 Transactions Beginning Inventory, January 1 Transactions during the year a. Purchase, January 30 b. Sale, March 14 ($100 each) c. Purchase, May 1 d. Sale, August 31 ($100 each) 62 2,500 (1,450) 1,200 (1,900) 80 Periodic Additional Information: Inventory System Used Requirement d: Percentage of March 14 sale from Beginning Inventory Percentage of March 14 sale from Jan. 30 purchase 2/5 3/5 Amount of August 31 sale from Beginning inventory Amount of August 31 sale from May 1 purchase Balance Remaining ? Requirement 1: Good available for sale for all methods: Units Unit Cost Total Cost $ Beginning Inventory, January 1 Purchase - January 30 Purchase - May 1 Goods Available for Sale Goods sold Ending Inventory: 0 $ Try again 0 units Try again a. LIFO Units Unit Cost $ Total Cost $ 0 First units in-Beg. Inventory Next units in-Jan. 30 Ending Inventory 0 $ Try again! Try again Cost of Goods Sold Try again b. Weighted-average cost: Average unit cost Ending Inventory Cost of Goods Sold #DIV/0! #DIV/0! #DIV/0! #DIV/ #DIV/0! #DIV/0! c. FIFO Units 0 Unit Cost Total Cost $ Last units in-May 1 Next units in-Jan. 30 Ending Inventory $ 0 Try again! Try again! Cost of Goods Sold Try again! d. Specific identification Remainder of Jan. 30 purchase Remainder of May 1 purchase Ending Inventory 0 $ Try again! Try again Cost of Goods Sold $ Try again