QUESTION 2 (9 Marks)

Coleman Company inventory records indicate the following transactions for November. Coleman uses a periodic Inventory system:

November	1	Beginning inventory	2,800 units @$4.00
	9	Purchase	3,000 units @$4.40
	17	Purchase	2,900 units @$4.70
	22	Purchase	2,800 units @$4.90

Sales for the month totalled 8,100 units.

Required:

The physical count of inventory at November 30 indicates that 3,400 units are on hand. For specific identification purposes assume 1,800 units remain from the November 22 purchase and 1,600 remain from November 17 purchase. Compute ending inventory and cost of goods sold using each of the following methods:

1. First-in, first-out.

2. Weighted-average cost.

3. Specific Identification

	First-in, First-out	Weighted Average	Specific Identification
Ending Inventory
Cost of Goods Sold