P$7-2$

Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, December $31,$ the accoP$7-2$

Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, December $31,$ the accounting

records for the most popular item in inventory showed the following:

Required:

a$.$ Compute the amount of goods available for sale.

b$.$ & c$.$ Compute the amount of ending inventory and cost of goods sold at December $31,$ under Average cost, First$-$in$,$ first$-$out, Last$-$in$,$

first$-$out and Specific identification inventory costing methods. For Specific identification, assume that the first sale was selected two$-$

fifths from the beginning inventory and three$-$fifths from the purchase of January $30.$ Assume that the second sale was selected from

the remainder of the beginning inventory, with the balance from the purchase of May $1.$

Complete this question by entering your answers in the tabs below.

Show less $$unting records for the most popular item in inventory showed the following: