Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the following data available for inventory, purchases, and sales for a recent year Purchase Price Activity Units (per unit) Sale Price (per unit) Beginning inventory 110 $7.10 Purchase 1, Jan. 18 575 7.20 Sale 11 380 $12.00 Sale 2 225 12.00 Purchase 2, Mar. 10 680 7.50 Sale 3 270 12.00 Sale 4 290 12.50 Purchase 3, Sept. 30 230 7.70 Sale 5 240 12.50 Required: 1. Compute the tost of ending inventory and the cost of goods sold using the specific identification method. Assume the ending inventory is made up of 40 units from beginning inventory, 30 units from Purchase 1, 00 units from Purchase 2, and 40 units from Purchase 3.1 Cost of ending inventory Cost of goods sold x 2. Compute the cost of ending inventory and cost of goods sold using the FIFO inventory costing method. Cost of ending inventory Cost of goods sold 3. Compute the cost of ending inventory and cost of goods sold using the LIFO inventory costing method. Cost of ending inventory Previous Next