Determine cost assigned to ending inventory

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Reference no: EM13140120

Martinez Co. reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 405 units—135 from each of the last three purchases.

Jan. 1 Beginning inventory 270 units @ $ 1.90 = $ 513
Mar. 7 Purchase 540 units @ $ 2.05 = 1,107
July 28 Purchase 1,350 units @ $ 2.30 = 3,105
Oct. 3 Purchase 1,230 units @ $ 2.60 = 3,198
Dec. 19 Purchase
390 units
@ $ 2.70 =
1,053
Totals
3,780 units

$ 8,976

Requirement 1:

Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d ) LIFO.

Reference no: EM13140120

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