Martinez Co. reported the following current-year data for its only product. The company uses a periodic inventory system, and its...

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Martinez Co. reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 405 units—135 from each of the last three purchases.

 

 

       
Jan. 1Beginning inventory270 units@ $ 1.90=$ 513
Mar. 7Purchase540 units@ $ 2.05=1,107
July 28Purchase1,350 units@ $ 2.30=3,105
Oct. 3Purchase1,230 units@ $ 2.60=3,198
Dec. 19Purchase

390 units

@ $ 2.70=

1,053

 Totals

3,780 units

   

$ 8,976


 

Requirement 1:

Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d ) LIFO.

    • 9 years ago
    • 999999.99
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