The following data relate to inventory for the year ended December 31, 2001. A physical inventory on… 1 answer below »The following data relate to inventory for the year ended December 31, 2001. A physical inventory on… 1 answer below »

The following data relate to inventory for the year ended December 31, 2001. A physical inventory on December 31, 2001, indicates that 600 units are on hand and that they came from the July 1 purchase.

Date

Description

Number of Units

Cost Per Unit

Total
Cost

January 1

Beginning inventory

1,000

$4.00

$ 4,000

February 20

Purchase

800

4.50

3,600

April 1

Purchase

900

4.75

4,275

July 1

Purchase

700

5.00

3,500

October 22

Purchase

500

4.90

2,450

December 10

Purchase

500

5.00

2,500

4,400

$20,325

Required Compute the cost of goods sold for the year ended December 31, 2001, and the ending inventory under the following cost assumptions:

a. First-in, first-out (FIFO)

b. Last-in, first-out (LIFO)

c. Average cost (weighted average)

d. Specific identification

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