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 Don't use plagiarized sources. Get Your Custom Essay on the following data relate to inventory for the year ended december 31 2001 a physica 544356 For $10/Page 0nly | Description | Number of Units | Cost Per Unit | Total |
| 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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