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Question - The following information is taken from the records of West End Distribution Inc. for the month ended May 31.
Units
Unit Cost
May 1
Purchase #1
100
$1
May 6
Purchase #2
200
1
May 12
Purchase #3
125
2
May 19
Purchase #4
350
May 29
Purchase #5
150
3
At May 31, 200 units remain unsold, for specific identification purposes, items on hand at May 31 were:
100 units of Purchase #1
100 units of Purchase #4
The other units were sold on May 31 for $2 each.
Required -
1. Calculate the cost of ending inventory under each of the following costing methods:
a. FIFO
b. Specific identification
c. Weighted average
2. Compute the following calculations:
3. One of the company's strategies is to minimize income taxes and its accounting policies will reflect this. Which inventory cost method should they adopt and why?
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