Question

31/2019 nd one purchase for the month of January. Ending an. (28 points) ampany reports the following beginning inventory and one purchase for them ntory at January 31 totals 150 units, Units Unit Cost Beginning inventory on January 1 320 $3.00 Purchase on January 9 80 3.20 Sale on January 26 250 stem. Determine the cost assigned to ending inventory and ired: Company uses a perpetual inventory system. Determine the cost assigned of goods sold using Specific identification, assuming ending inventory Identification, assuming ending inventory consists of 150 units, where 100 units are fro the beginning inventory and 50 units are from the January 9 purchase. -) FIFO LIFO Weighted average.

Answer 1

	Unit	Unit Cost	Total cost
Beginning inventory	320	3	960
Purchase	80	3.2	256
Total	400		1216

Calculate following

	Ending inventory	Cost of goods sold
Specific identification	(100*3+50*3.2) = 460	1216-460 = 756
FIFO	(80*3.2+70*3) = 466	1216-466 = 750
LIFO	150*3 = 450	1216-450 = 766
Weighted average	(1216/400*150) = 456	1216-456 = 760