The following data relate to inventory for the year ended December 31, 2000:
| Date Don't use plagiarized sources. Get Your Custom Essay on the following data relate to inventory for the year ended december 31 2000 544355 For $10/Page 0nly | Description | Number of Units | Cost per unit | Total Cost |
| January 1 | Beginning inventory | 400 | $5.00 | $ 2,000 |
| March 1 | Purchase | 1,000 | 6.00 | 6,000 |
| August 1 | Purchase | 200 | 7.00 | 1,400 |
| November 1 | Purchase | 200 | 7.50 | 1,500 |
| 1,800 | $10,900 |
A physical inventory on December 31, 2000, indicates that 400 units are on hand and that they came from the March 1 purchase.
Required Compute the cost of goods sold for the year ended December 31, 2000, and the ending inventory under the following cost assumptions:
a. First-in, first-out (FIFO) c. Average cost (weighted average)
b. Last-in, first-out (LIFO) d. Specific identification
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