Question
Using the following 2 tables, answer the next four questions (Assuming Periodic Method). Table of Inventory Purchases Date Units Unit Cost Total cost Beginning Inventory
Using the following 2 tables, answer the next four questions (Assuming Periodic Method).
Table of Inventory Purchases
Date Units Unit Cost Total cost
Beginning Inventory 10 $3 $30
February 3 5 4 20
April 10 15 5 75
June 12 12 7 84
August 20 20 8 160
Total 62 units 369 Total Cost
Sales
Date Units Identified Units Price Total
March 5 February 5 $6 $30
May 2 April 10 6 60
July 4 June 2 10 20
September 1 June 8 10 80
25Units $190Total
Determine the cost of ending inventory under the specific identification method.
a. $190 c. $160 b. $229 d. $369
Determine the FIFO cost of ending inventory.
a. $179 c. $269 b. $190 d. $369
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started