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Transactions Units Unit Cost Beginning inventory, January 1 3 7 0 $ 4 . 0 0 Transactions during the year: a . Purchase, January 3

Transactions Units Unit Cost
Beginning inventory, January 1370 $4.00
Transactions during the year:
a. Purchase, January 302703.10
b. Purchase, May 14305.00
c. Sale ($6 each)(130)
d. Sale ($6 each)(670)
Required:
Compute the specific identitification for ending inventory and cost of goods sold.
For Specific identification, assume the first sale was 40% from beginning inventory and 60% from the January 30 purchase. Assume the second sale was from the remainder of the beginning inventory, with the balance from the May 1 purchase.

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