The following information is taken from the records of West End Distributors Inc. The company uses the periodic inventory system.
|
Units |
Unit cost |
||
|
May |
Opening |
100 |
$1 |
|
1 |
Inventory |
200 |
1 |
|
6 |
Purchase #1 |
125 |
2 |
|
12 |
Purchase #2 |
350 |
2 |
|
19 |
Purchase #3 |
150 |
3 |
|
29 |
Purchase #4 |
At May 31, 200 units remain unsold. For specific identification purposes, items on hand were:
|
100 units of purchase #1 |
|
100 units of purchase #4 |
Required:
- Calculate the cost of ending inventory under each of the following costing methods:
- FIFO
- Specific identification
- Weighted average.
- Complete the following partial income statements:
- 1137 reads
