Required:

1. Determine the dollar amount of cost of goods sold, dollar amount of ending inventory, and dollar amount of gross margin using the FIFO, LIFO and specific identification inventory costing methods for the month of October.

2. Complete journal entries for October 3^rd and 8^th using the specific identification method assuming all purchases and sales were on account.

Beginning Inventory Units 1 5 at $24 each	120
October 3 Purchased Units 6 15 at $25 each	250
October 8 Sold 8 Units at $40 each		320
October 15 Purchased Units 16 25 at $26 each	260
October 20 Sold 9 Units at $40 each		360
October 25 Purchased Units 26 35 at $27 each	270
October 31 Sold 12 Units at $42 each		504

For Specific Identification purposes the inventory sold were units 1, 2, 3, 6, 7, 8, 9, 10 on October 8^th, units 4, 11, 12, 13, 18, 19, 20, 21, 22 on October 20^th and units 14, 23, 26, 27, 28, 29, 30, 31, 32, 33, 34 and 35 on October 31^st.