Question 6.2: A company reported the following December purchase and sales...

A company reported the following December purchase and sales data for its only product.

The company uses a perpetual inventory system. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) FIFO, (c) LIFO, and (d) weighted average. (Round per unit costs and inventory amounts to cents.)

For specific identification, ending inventory consists of 10 units, where 8 are from the December 30 purchase and 2 are from the December 8 purchase. Specific units sales follow.

Dec. 9 Sold 2 units costing $3.00 each and 6 units costing $4.50 each. Total cost = $33.00.
Dec. 24 Sold 3 units costing $3.00 each, 2 units costing $4.50 each, and 13 units costing $5.00 each.

Total cost = $83.00.

Date	Activities	Units Acquired at Cost	Units Sold at Retail
Dec . 1	Beginning inventory . . . . . . . . . . . . . .	5 units @ $3 .00 = $ 15 .00
Dec . 8	Purchase . . . . . . . . . . . . . . . . . . . . . . .	10 units @ $4 .50 = 45 .00
Dec . 9	Sales . . . . . . . . . . . . . . . . . . . . . . . . . . .		8 units @ $7 .00
Dec . 19	Purchase . . . . . . . . . . . . . . . . . . . . . . .	13 units @ $5 .00 = 65 .00
Dec . 24	Sales . . . . . . . . . . . . . . . . . . . . . . . . . . .		18 units @ $8 .00
Dec . 30	Purchase . . . . . . . . . . . . . . . . . . . . . . .	8 units @ $5 .30 = 42 .40
Totals	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	36 units $167 .40	26 units

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