Homework answers / question archive / The Company uses a perpetual inventory system

The Company uses a perpetual inventory system

Accounting

Share With

The Company uses a perpetual inventory system. For specific identification,ending inventory consists of 315 units, where 290 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 are from beginning inventory.
Exercise 5-3 Perpetual: Inventory costing methods LO P1
Required:
1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.
2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.
3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.
4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.