MERCHANDISE INVENTORY VALUATION Assume the We-Stock-It company has the following inventory transactions. Answer questions "a" through "g" using the following information: Beg. Inventory 4/04 Purchase 4/06 Sold 4/14 Purchase 4/25 Sold 4/30 Sold 30 units @ $ 8 80 units @ $ 10 50 units @ $ 12 80 units @ $ 16 90 units @ $ 20 35 units @ $ 24 Units for $ a) Goods Available for Sale b) Number of Units in Ending Inventory Units c) Use the SPECIFIC COST METHOD to calculate assuming the ending inventory includes 6 units from the 4/14 purchase and the remainder from the 4/04 purchase. ENDING INVENTORY COST OF GOODS SOLD d) Use the PERIODIC AVERAGE COST METHOD to calculate: ENDING INVENTORY COST OF GOODS SOLD e) Use the PERIODIC FIRST-IN, FIRST-OUT (FIFO) COST METHOD to calculate: ENDING INVENTORY COST OF GOODS SOLD f) Use the PERIODIC LAST-IN, FIRST-OUT (LIFO) COST METHOD to calculate: ENDING INVENTORY COST OF GOODS SOLD g) Determine the value of the ENDING INVENTORY and the COST OF MERCHANDISE SOLD using the PERPETUAL FIRST-IN, FIRST-OUT (FIFO) COST METHOD Date Purchases Cost of Merch. Sold Inventory Balance What is the value of the ENDING INVENTORY? What is the value of the COST OF GOODS SOLD? h) Determine the value of the ENDING INVENTORY and the COST OF MERCHANDISE SOLD using the PERPETUAL LAST-IN, FIRST-OUT (LIFO) COST METHOD Date Purchases Cost of Merch. Sold Inventory Balance What is the value of the ENDING INVENTORY? What is the value of the COST OF GOODS SOLD