Inventory Costing Methods and Gross Profit Calculation

DateActivitiesUnits Acquired at CostUnits Sold at Retail Jan.1Beginning inventory600units @ $35 per unit Feb.10Purchase300units @ $32 per unit Mar. 13Purchase150units @ $20 per unit Mar. 15Sales725units @ $80 per unit Aug. 21Purchase190units @ $40 per unit Sept. 5Purchase540units @ $37 per unit Sept. 10Sales730units @ $80 per unit Totals1,780 units 1,455 units ACC 101 Lesson 14 HW 3.Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold consist of 600 units from beginning inventory, 200 from the February 10 purchase, 150 from the March 13 purchase, 140 from the August 21 purchase, and 365 from the September 5 purchase.