Part B (14 Marks) Smith Company inventory records indicate the following transactions for October. Smith uses a perpetual Inventory system: October 1. 2. 3. 1 Beginning inventory 9 Purchase Ending Inventory 15 Sold 17 21 28 Required: The physical count of inventory at October 31 indicates that 4,500 units are on hand. For specific identification purposes assume 1,800 units remain from the October 28 purchase and 2,700 remain from October 17 purchase. Compute ending inventory and cost of goods sold using each of the following methods: Cost of Goods Sold Purchase Sold Purchase Specific Identification First-in, First-out Weighted-average cost 2,400 units @$5.00 5,600 units @$5.20 6,000 units @$7.00 3,500 units @$5.36 3,000 units @$7.25 2,000 units @$5.46 Specific Identification First-in, First-out Weighted Average

Smith Company inventory records indicate the following transactions for October. Simith uses a perpetual Inventory system Required: The physical count of inventory at October 31 indicates that 4,500 units are on hand For specific identification purposes assume 1,800 units remain from the October 28 purchase and 2,700 remain from October 17 purchase. Compute ending inventory and cost of goods sold using each of the following methods. 1. Specific Identication 2. First-in, First-out 3. Weighted-average cost