Reference no: EM132640923
Ferguson Company uses a perpetual inventory system. It entered the following calendar-year 2018 purchases and sales transactions. (For specific identification, units sold consist of 600 units from beginning inventory, 300 from the February 10 purchase, 200 from the March 13 purchase, 50 from the August 21 purchase, and 250 from the September 5 purchase.)
Jan. 1 Beginning inventory . . . . . . . . . . 600 units @ $45.00 per unit
Feb. 10 Purchase . . . . . . . . . . . . . . . . . . . 400 units @ $42.00 per unit
Mar. 13 Purchase . . . . . . . . . . . . . . . . . . .200 units @ $27.00 per unit
Mar. 15 Sales . . . . . . . . . . . . . . . . . . . . . . 800 units @ $75.00 per unit
Page 5 of 5
Aug. 21 Purchase . . . . . . . . . . . . . . . . . . .100 units @ $50.00 per unit
Sept. 5 Purchase . . . . . . . . . . . . . . . . . . . 500 units @ $46.00 per unit
Sept. 10 Sales . . . . . . . . . . . . . . . . . . . . . . 600 units @ $75.00 per unit
Totals . . . . . . . . . . . . . . . . . . . . . 1,800 units 1,400 units
Problem 1. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification.
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