Martines Co. Reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 600 units-- 200 from each of the last three purchases.
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Jan 1
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Beginning inventory
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300 units
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@ $4.00
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=
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$ 1,200
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Mar 7
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Purchase
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640 units
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@ $4.25
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=
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$2,700
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July 28
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Purchase
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1,280 units
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@ $5.00
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=
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$6,400
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Oct 3
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Purchase
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1,160 units
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@ $7.00
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=
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$8,120
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Dec 19
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Purchase
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720 units
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@ $ 8.90
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=
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$6,408
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Totals
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4,100 units
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|
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$24,848
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Determine the cost of assigned to ending inventory and to cost of goods sold for the following (Do not round intermediate calculations and round your answers to 2 decimal places.)
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Ending inventory
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Cost of goods sold
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(a)
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Specific identification
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(b)
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weighted average
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(c)
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FIFO
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(d)
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LIFO
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