P7-2 (Algo) Analyzing the Effects of Four Alternative Inventory Methods LO7-2 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: 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 twofifths 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. Compute the amount of goods avallable for sale. P7-2 (Algo) Analyzing the Effects of Four Alternative Inventory Methods LO7-2 Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting poriod, December 31 , the ac records for the most popular item in inventory showed the following: a. Compute the amount of goods available for sale. b. \& c. Compute the amount of ending inventory and cost of goods sold at Decomber 31, under Average cost, First-in, firs first-out and Specific identification inventory costing methods. For Specific identification, assume that the first sale was se fifths from the beginning inventory and three-fifths from the purchase of January 30 . Assume that the second sale was se 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. Compute the amount of ending Inventory and cost of goods sold at December 31 under Average cost, First-in, first-out, Lastin, first-out, Specific identification of the Inventory costing methods. For Specific Identincation, assume that the first sale was selected two-ffths from the beginning inventory and three-firths 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 purchese of May 1. Note: Do not round intermediate calculations. Round your answers to the noarest whole dollar amount. E7-12 (Algo) Reporting Inventory at Lower of Cost or Net Realizable Value LO7-4 H.T. Tan Company is preparing the annual financial statements dated December 31 of the current yoar. Ending inventory information about the five major items stocked for regular sale follows: Required: Compute the valuation that should be used for the current year ending inventory using lower of cost or net realizable value applied on an item-by-item basis
