The following transactions took place in ABBA Limited in 2015.
|
Opening Inventory |
2,000 units @ $0.50 |
|
Purchase #1 |
1,000 units @ $2.00 |
|
Purchase #2 |
500 units @ $1.00 |
|
Purchase #3 |
1,000 units @ $2.50 |
|
Sales |
2,000 units |
Assume a periodic inventory system is used. For specific identification purposes, items sold were:
|
800 units of opening inventory |
|
200 units of purchase #3 |
|
1,000 units of purchase #4 |
Required: Calculate
- Ending inventory under specific identification.
- Ending inventory under FIFO.
- Ending inventory under weighted average.
- Cost of goods sold under specific identification.
- Cost of goods sold under FIFO.
- Cost of goods sold under weighted average.
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