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The Hougen company has the following inventory purchases during the fiscal year ended December 31, 2020. Beginning 600 units @ $110/unit February 13 200 units

The Hougen company has the following inventory purchases during the fiscal year ended December 31, 2020.

Beginning

600 units

@

$110/unit

February 13

200 units

@

$114/unit

August 5

345 units

@

$118/unit

Hougen company has two sales during the period. The units have a selling price of $180/unit.

Sales

February 15

300 units

August 10

335 units

Hougen Company uses a perpetual inventory system.

Required:

Calculate the dollar value of cost of goods sold and ending inventory using FIFO, Moving Weighted Average, and the Specific Identification method.

Sales information for the Specific Identification method is provided below.

February 15

175

Units from beginning inventory

125

Units from the February 13th purchase

August 10

15

Units from beginning inventory

320

Units from the August 5 purchase

Make sure to round your answers to two decimal places.

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