Reference no: EM131719819

QUESTION - During December 2016 Qosqo Ltd sold 1 300 units of its product for $5 525. A periodic inventory system issued for valuing inventories, and the physical physical count on 31 December verified that 700 unit's were on hand. The following information relates to the inventory of Qosqo Ltd during December.

                                                      Quantity                   Unit cost              Total costs

01/12 Beginning inventory                  700                          $3.00                   $2100

10/12 Purchase                                  500                          $3.15                   $1575

15/12 Purchase                                  300                          $3.30                   $990

23/12 Purchase                                  500                          $3.50                   $1750

                                                        2000                        $3.00                   $6415

Required (show all workings): Determine the cost of sales and cost inventory at 31 December using the following inventory methods (show all workings):

1. Specific identification, assuming that 400 units were sold from the beginning inventory, 400 units were sold from the first purchase, 200 units were sold from the 15 December purchase, and the remainder from the 23 December purchase.

2. FIFO

3. LIFO

4. Weighted Average