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Gladstone Limited tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following Information at the end of the annual accounting period, December 31 Transactions Units Unit Cost Beginning inventory, January 1 1,200 $ 6.00 Transactions during the year: a. Purchase, January 30 2,400 8.00 b. Sale, March 14 ($15 each) (800) C. Purchase, May 1 1.000 12.00 d. Sale, August 31 ($15 each) (1,680) Required: 1. Compute the amount of goods available for sale, ending inventory and cost of goods sold at December 31, under ench of the following inventory costing methods. For Specific identification, assuming that the March 14, sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the sale of August 31, was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1 (Do not round Weighted average cost per unit. Round your final answers to the nearest dollar amount.) a. Weighted average cost. b. First-in, first-out c. Specific identification Goods available for Ending Cost of goods sale Inventory sold $ 38,400 $ 15,200 $ 23,200 s 38,400 $ 21,600 $ 16,800 s 38,400 $ 18.720 $ 18,680 $12 Assume Orion Iron applies its inventory costing method perpetually at the time of each sale. At the end of the annual accounting period, December 31, the accounting records provided the following information: Transactions Units Unit Cost 3. Inventory, Beginning 3,80 For the year: b. Purchase, April 11 9,000 10 C. Purchase, June 1 8,000 d. Sale, May 1 (sold for 540 per unit) e.Sale, July 3 (sold for 540 per unit) 6. 1. Operating expenses (excluding income tax expense), $195,000 13 3.ee Required: Calculate the cost of ending inventory and the cost of goods sold using the FIFO method. Ending inventory Cost of goods sold FIFO $ 95,000 $ 134,000 Peterson Furniture Designs is preparing its annual financial statements dated December 31 Ending inventory Information about the five major Items stocked for regular sale follows: Required: 1-a. Complete the final two columns of the table. Hem per Item Aligator Armoires Bear Bureaus Cougar Beds Dingo Cribs Elephant Dressers Ending Inventory Unit Cost Net Quantity When Realizable LC&NRV Total on Hand Acquired Value at LC&NRV (FIFO) Year-End 69 $ 34 $ 31 $ 31 $ 2,139 94 59 59 59 5,546 29 69 71 69 2.001 49 49 49 49 2.401 495 29 25 25 12.375 1-b. Compute the amount that should be reported for the ending inventory using the LC&NRV rule applied to each item. Ending Inventory $ 15,570