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The Pym Company has the following inventory and credit purchases during the fiscal year ended December 31, 2020.

Beginning	730 units @ $65 per unit
April 1	460 units @ $60 per unit
September 1	225 units @ $90 per unit

Pym Company has two credit sales during the period. The units have a selling price of $180 per unit.

Sales
May 1	375 units
October 15	545 units

Pym Company uses a perpetual inventory system.

Required using the worksheets provided

1. Calculate the dollar value of cost of goods sold and ending inventory using:

a. FIFO

b. Moving weighted average (round to two decimal places)

2. Calculate the dollar value of cost of goods sold and ending inventory using specific identification, assuming the sales were specifically identified as follows:

May 1	120 units from beginning inventory
	255 units from the April 1 purchase
October 15	240 units from beginning inventory
	190 units from April 1 purchase
	115 units from September 1 purchase

3. Using information from your answers in #1 and #2, journalize the credit purchase on April 1 and the credit sale on October 15 for each of:

a. FIFO

b. Moving weighted average

c. Specific identification

Requirement 1

		Ending Inventory	Cost of Goods Sold
a	FIFO
b	Moving weighted average

Requirement 2

	Ending Inventory	Cost of Goods Sold
Specific Identification

Requirement 3

	General Journal		Page ______
Date	Account Titles and Explanation	Debit	Credit

	General Journal		Page ______
Date	Account Titles and Explanation	Debit	Credit

	General Journal		Page ______
Date	Account Titles and Explanation	Debit	Credit

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