Question

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 86 units—63 units from the January 6 purchase and 23 units from the January 25 purchase.

Jan. 1 Beginning inventory 200 units @ $4.30 = $ 860.00

Jan. 6 Purchase 373 units @ $4.10 = 1,529.30

Jan. 17 Purchase 605 units @ $3.60 = 2,178.00

Jan. 25 Purchase 35 units @ $3.30 = 115.50

Totals 1,213 units $ 4,682.80

(a-d) Determine the cost assigned to ending inventory and to cost of goods sold for the following. (Do not round intermediate calculations and round your answers to nearest whole dollar.)

	Ending inventory	cost of goods sold
a. specific identification		$4,349
b. weighted average	$332	$4,350
c. FIFO
D. LIFO

Answer 1

Data Date Units Partiulars 01-Jan Opening 06-Jan Purchse 17-Jan Purchse 25-Jan Purchse Price Total Cost 200] 4.30 860.00 373 4.10 1529.30 605 3.60 2178.00 35 3.30 115.50 12131 3.86 4682.80 Specific Identification Ending Inventory Units 06-Jan Price Total Cost 63 4.10 258.30 23 3.30 75.90 86 334.20 25-Jan c. FIFO Ending Inventory Units 17-Jan 25-Jan Price Total Cost 51] 3.60 183.60 35 3.30 115.50 86 299.10

C. FIFO Ending Inventory Units 17-Jan 25-Jan Price Total Cost 51 3.60 183.601 35 3.30 115.50 86 299.10 D. LIFO Ending Inventory Units 01-Jan Price Total Cost 86| 4.30 369.80 86 369.80 Answer a. specific identification b. weighted average c. FIFO D. LIFO Ending inventory cost of goods sold 334 4349 332 4350 299 4384 370 4313

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