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Kelso Electrical's inventory records for industrial switches indicate the following at November 30, 2020:
Nov. 1 Beginning inventory 14 units at $160
8 Purchase 4 units at $170
15 Purchase 11 units at $180
26 Purchase 5 units at $200
The physical count of inventory at November 30, 2020, indicates that six units remain in ending inventory and the company owns them.
Required
Problem 1: Compute ending inventory and cost of goods sold using each of the following methods, assuming a periodic inventory system is used: Specific-unit cost, assuming three $170 units and three $180 units are on hand on November 30, 2020 Weighted-average cost First-in, first-out (FIFO)
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