Question #4: Inventory Costing Calculations Pepsi Co. uses a perpetual inventory system. It entered into the following purchases and sales transactions for January Date Activities Units Acquired at Cost Units Sold at Retail 5 units @ $500/unit 20 units @ $550/unit 21 units @ $850/unit Jan. Jan. 5 Jan. 9 Jan. 18 Jan. 25 Jan. 29 Beginning inventory Purchase Sales Purchase Purchase Sales Totals 6 units @ $600/unit 10 units $620/unit 8 units @ $950/unit 29 units 41 units Compute the cost assigned to ending inventory using (a) FIFO, (6) LIFO, (c) weighted average, and (d) specific identification. (Round per unit costs to three decimals, but inventory balances to the dollar.) For specific identification, the January 9 sale consisted of 4 units from beginning inventory and 17 units from the January 5 purchase; the January 29 sale consisted of 2 units from the January 18 purchase and 6 units from the January 25 purchase. a) FIFO COGS ENDING INVENTORY = REVENUE= GROSS PROFIT = b) LIFO COGS = ENDING INVENTORY = REVENUE = GROSS PROFIT = c) Specific ID COGS ENDING INVENTORY = REVENUE = GROSS PROFIT - d) Weighted Average COGS = ENDING INVENTORY = REVENUE = GROSS PROFIT =