Question
Oak Ridge Company uses a periodic inventory system. It entered into the following purchases and sales transactions for June. Date Activities Units Acquired at Cost
Oak Ridge Company uses a periodic inventory system. It entered into the following purchases and sales transactions for June.
Date | Activities | Units Acquired at Cost | Units Sold at Retail |
Jun. 1 | Beginning inventory | 150 units @ $70 per unit | |
Jun. 5 | Purchase | 380 units @ $75 per unit | |
Jun. 11 | Sales | 400 units @ $110 per unit | |
Jun. 19 | Purchase | 240 units @ $80 per unit | |
Jun. 26 | Purchase | 300 units @ $85 per unit | |
Jun. 30 | Sales | 250 units @ $120 per unit |
For specific identification, the June 11 sale consisted of 100 units from beginning inventory and 300 units from the June 5 purchase; the June 30 sale consisted of 90 units from the June 19 purchase and 160 units from the June 26 purchase.
- Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. (Round your average cost per unit to 2 decimal places.)
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