E8-22B (Alternative Inventory Methods—Comprehensive) Blakely Corporation began operations on December 1, 2014.

E8-22B (Alternative Inventory Methods—Comprehensive) Blakely Corporation began operations on December 1, 2014. The only inventory transaction in 2014 was the purchase of inventory on December 15, 2014, at a cost of $76 per unit. None of this inventory was sold in 2014. Relevant information is as follows.

                 Ending inventory units

                    December 31, 2014                                           100

                    December 31, 2015, by purchase date

                    November 20, 2015                              100

                    June 6, 2015                                           50      150

During the year the following purchases and sales were made.

                                Purchases                                              Sales                         

                March 20         300 units at $80             April 6                    300

                June 6             400 units at 81               July 7                     150

                September 11 300 units at 85               October 10             300

                November 20 100 units at 90                December 18          300

The company uses the periodic inventory method.

Instructions

(a) Determine ending inventory under (1) specific identification, (2) FIFO, (3) LIFO, and (4) average cost.

(b) Determine ending inventory using dollar-value LIFO. Assume that the November 20, 2015, purchase

cost is the current cost of inventory. (Hint: The beginning inventory is the base-layer priced at $76 per unit.)