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Flora's Gifts reported the following current-month data for its only product. The company uses a periodic...

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Accounting

Flora's Gifts reported the following current-month data for itsonly product. The company uses a periodic inventory system, and itsending inventory consists of 90 units—65 units from the January 6purchase and 25 units from the January 25 purchase. Jan. 1Beginning inventory 210 units @ $4.50 = $ 945.00 Jan. 6 Purchase385 units @ $4.30 = 1,655.50 Jan. 17 Purchase 615 units @ $3.80 =2,337.00 Jan. 25 Purchase 37 units @ $3.50 = 129.50 Totals 1,247units $ 5,067.00 Determine the cost assigned to ending inventoryand to cost of goods sold for the following.

Ending InventoryCost of Goods Sold
(a)Specific identification
(b)Weighted average
(c)FIFO
(d)LIFO

Answer & Explanation Solved by verified expert
4.0 Ratings (607 Votes)
aSpecific IdentificationEndingInventoryCost of GoodsSoldDateUnitsUnits CostTotal CostCost ofGoods available for sales5067Jan066543027950LessEnding    See Answer
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