Martinez Co. reported the following current-year data for its only product. The company uses a...
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Martinez Co. reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 150 units50 from each of the last three purchases. Jan. 1 Beginning inventory 96 units @ $2.00 = $ 192 Mar. 7 Purchase 220 units @ $2.25 = 495 July 28 Purchase 544 units @ $2.50 = 1,360 Oct. 3 Purchase 480 units @ $2.80 = 1,344 Dec. 19 Purchase 160 units @ $2.90 = 464 Totals 1,500 units $ 3,855
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 2 decimal places.)
(a) Specific identification Ending inventory_____ Cost of goods sold______
(b) Weighted average Ending inventory______ Cost of goods sold______
(c) FIFO Ending inventory_______ Cost of goods sold______
(d) LIFO Ending inventory_____ Cost of goods sold_______
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