Yang Corporation uses the periodic inventory system. The following sales and purchases of the same product were made during 20x1 at Yang Corporation. The opening inventory consisted of 50 units at $2 each.

	Purchases			Sales
Date	Units	$ per unit		Date	Units	Unit $Price	Total
March 15	200	3		April 25	250*	5
June 15	600	5		June 30	500**	6

*for specific identification, sold 50 units of opening inventory and 200 units of March 15 purchase

**for specific identification, sold 500 units of June 15 purchase

Requirements:

1. Calculate cost of goods sold and the cost of ending inventory under FIFO, LIFO, specific identification, and weighted average inventory cost flow assumptions. Use the student template #1

2. Calculate and compare the effect on profit of the four inventory cost flow assumptions.

ACT300 Principles of Accounting I
Module 4: Critical Thinking Template Option #1
	FIFO	Units	Cost per unit	Sale per Unit	Totals
	Beginning Inventory	-	$0.00	$0.00	$0
	Purchases and Sales
	Mar 15-Purchase	-	$0.00	$0.00	$0		Data from the problem
	April 25-Sale	-	$0.00	$0.00	0		The opening inventory consisted of 50 units at $2 each.
	Jun 15-Purchase	-	$0.00	$0.00	0
	Jun 30-Sale	-	$0.00	$0.00	0			Purchases			Sales
	Cost of Goods Available for Sale	-	$0.00	$0.00	$0		Date	Units	$ per unit		Date	Units	Unit $Price
	Cost of Goods Sold (COGS)	-	$0.00	$0.00	0		15-Mar	200	3		25-Apr	250*	5
	Ending Inventory	-	$0.00	$0.00	$0		15-Jun	600	5		30-Jun	500**	6
	COGS Calculation	Units	COGS	SalesTotals	Gross Profit
	Beginning Inventory	-	$0.00	$0.00	$0
	Purchases - Mar 15	-	$0.00	$0.00	$0
	Sale - April 25	-	$0.00	$0.00	$0
	Purchases - June 15		$0.00	$0.00	$0
	Sale - June 30		$0.00	$0.00	$0
			.	.
	Totals	-	$0.00	$0.00	$0