Jan 1 Beginning inventory 7.400 units @ $6 cost per unit Mar 5 Purchase 13.000 units @ $8 cost per unit Apr 17 Sale 10,000 units @ $19 selling price per unit Sept 7 Purchase 15,400 units @ $10 cost per unit Nov 11 Sale 18,000 units @ $19 selling price per unit Dec 21 Purchase 6,600 units @ $12 cost per unit Dec 29 Sale 6,000 units @ $19 selling price per unit Calculate ending inventory, cost of goods sold and gross profit, for a company that uses a periodic system, under 1) FIFO 2) LIFO 3) Weighted Average 4) Specific identification (the units in ending inventory are 1.000 units in beginning inventory 6,400 units form the Sept. 7 purchase and 1,000 units from the Dec. 21 purchase) 1. FIFO Cost of goods sold Ending Inventory Gross Profit Cost of goods Cost of # of available # of goods # of Cost per Ending Date units unit for sale units unit sold units unit Inventory 2.400 44 LOO Mod 5 13.050 2 104. ODO 5.400 To US DOO Ore 21 boo 19,200 60- Cost per Cost per Ending Inventory = 2. LIFO: Cost of goods sold = Gross Profit Cost of goods available for sale Cost per Cost of goods sold # of units Ending Inventory # of units Cost per unit Cost per # of units unit unit Date 3 Weighted average Cost of goods sold = Ending Inventory = Gross Profit Cost per Cost of goods available for sale Cost of goods sold Ending Inventory # of units unit Cost per Cost per unit # of units # of units unit Date Ending Inventory = 4. Specific Identification: Cost of goods sold = Gross Profit Cost of goods available for sale Cost per Cost per Cost of goods sold Ending Inventory # of units # of units Cost per unit # of units unit unit Date