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Hotel Supply Company uses a periodic inventory system. At the end of the annual accounting period, December 31, 2020, the accounting records for the most
Hotel Supply Company uses a periodic inventory system. At the end of the annual accounting period, December 31, 2020, the accounting records for the most popular item in inventory showed the following: Units 410 Unit Cost 33 35 Beginning Inventory 1/1/20 Transactions during 2020: Purchase, 2/20 Purchase, 6/20 Sale ($50 each) Sale ($50 each) 38 800 480 (80) (850) Required: Compute the cost of (a) goods available for sale, (b) ending inventory, and (c) cost of goods sold at December 31, 2020, under each of the following inventory costing methods (show computations and round to nearest dollar): 1 Average cost (round average cost per unit to the nearest cent). 2 First-in, first-out. 3 Last-in, first-out. 4 Specific Identification, assuming the first sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of February 20, 2020. Assume the second sale was selected from the remainder of the beginning inventory, with the balance from the purchase of June 20, 2020
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