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Calculate the sum of cost of goods sold and ending inventory

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Question: Units were sold for the following amount: Jan 10 $11 Jan 20 $12 *for specific identification, units sold on June 10 came from: Opening inventory 0 Jan. 3 purchase 380 Jan. 8 purchase 320 700 **for specific identification, units sold on June 20 came from: Opening inventory 0 Jan. 3 purchase 0 Jan. 8 purchase 60 Jan. 15 purchase 240 300 Required: 1 Complete the applicable inventory record card, and calculate cost of goods sold and the cost of ending inventory under each of the following inventory cost flow assumptions: a. FIFO b. LIFO c. Specific identification d. Weighted average. 2 Prepare the journal entries required to record purchases and sales using the FIFO inventory cost flow assumption. Descriptions are not necessary. 3 Refer to the "Compare" page. Calculate the sum of cost of goods sold and ending inventory balances under each of the four inventory cost flow assumptions. Explain the results.

Reference no: EM133553316

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