Flora's Gifts reported the following current-month data for its only product.
The company uses a periodic inventory system, and its ending inventory
consists of 60 units—50 units from the January 6 purchase and 10 units
from the January 25 purchase.
Jan. 1 Beginning inventory -138 units @ $3.00 = $ 414
Jan. 6 Purchase 300 units @ $2.80 = $840
Jan 17 Purchase 540 units @ $2.30 =$1,242
Jan. 25 Purchase 22 units @ $2.00=$44
Totals 1,000 units $2,540
- Determine the cost assigned to ending inventory and to the cost of goods sold for the following. (Do not round intermediate calculations and
round your answers to the nearest whole dollar.)
A)specific identification
B)weighted average
C)FIFO
D)LIFO
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