The MegaPixel Company Ltd. had the following inventory transactions for the month of December:
|
Dec. |
1 |
Opening Inventory |
20 units @ $4.60 |
|
8 |
Purchased |
80 units @ $5.00 |
|
|
15 |
Purchased |
40 units @ $5.30 |
|
|
22 |
Purchased |
60 units @ $5.60 |
|
|
31 |
Purchased |
40 units @ $5.50 |
By December 31, 190 of the units had been sold by MegaPixel. Assume the company uses the periodic inventory system.
Required: Calculate the cost of the ending inventory using each of
- FIFO
- Specific identification (assume the most recent purchases are sold first)
- Weighted average.
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