Question

Need help solving for the Specific Identification....Work on how its done would be appreciated

Kirtland Corporation uses a periodic Inventory system. At the end of the annual accounting period, December 31, the accounting records for the most popular item in inventory showed the following: Units 330 Unit Cost $4.00 Transactions Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 b. Purchase, May 1 c. Sale ($6 each) d. Sale ($6 each) 2.70 5.00 230 390 (90) (630) Required: a. Compute the amount of goods available for sale. b. & c. Compute the amount of ending Inventory and cost of goods sold at December 31, under Average cost, First-in, first-out, Last-In, first-out and Specific Identification Inventory costing methods. For Specific Identification, assume that the first sale was selected two- fifths from the beginning Inventory and three-fifths from the purchase of January 30. Assume that the second sale was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1. X Answer is not complete. Complete this question by entering your answers in the tabs below. Reg A Req B and C Compute the amount of ending inventory and cost of goods sold at December 31 under Average cost, First-in, first-out, Last- in, first-out, Specific identification of the inventory costing methods. For Specific identification, assume that the first sale was inventory and three-fifths from the purchase of January 30. Assume that the second sale was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1. (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Show less A Average Cost First-In, First Out Specific Identification $ Ending inventory Cost of goods sold 943 2,952 $ $ 1,150 2,741 Last-In, First-Out $ 920 $ 2,971 $ DOA

Answer 1

Particulars					Units	Rates	Amount
Beginning inventory					330	$      4.00	$      1,320
Purchase		30-Jan			230	$      2.70	$          621
Purchase		1-May			390	$      5.00	$      1,950
Sales
For C
2/5th from Beginning Inventory			(90 x 2/5)		36	$      4.00	$          144
3/5th from purchase on Jan 30			(90 x 3/5)		54	$      2.70	$          146
					90		$          290	(a)
For D
Remainder of Beginning Inventory			(330 - 36)		294	$      4.00	$      1,176
Balance from purchase on May 1			(630 - 294)		336	$      5.00	$      1,680
					630		$      2,856	(b)
Cost of Goods sold			(a + b)				$      3,146
Ending Inventory
From purchase on Jan 30			(230 - 54)		176	$      2.70	$          475
From purchase on May 1			(390 - 336)		54	$      5.00	$          270
					230		$          745