Sanchez Company has the following inventory information. Sanchez Company uses a periodic inventory system.

DateActivityUnits Acquired at CostUnits Sold at Retail
Beginning Inventory600 units @ 45
April 7Purchase400 units @ $42
April 9Sales800 units @$75 per unit
April 17Purchases200 units @ $27
April 23Purchases100 units @ $50
April 27Purchases500 units @46
June 30Sales600 units @ $75 per unit

Instructions

  1. Compute cost of goods available for sale and the number of units available for sale.
  2. Compute the number of units in ending inventory.
  3. Compute the cost assigned (round all amounts to cents) to ending inventory using:
    1. FIFO, 
    2. LIFO, 
    3. Weighted average, and 
    4. Specific identification. 
      1. Assume ending inventory is: 
        1. 100 units: April 7 purchase, 
        2. 50 units: April 23 purchase, and 
        3. 250 units: April 27 purchase.