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Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold consist of 655 units from beginning inventory, 355 from the February 10 purchase, 255 from the March 13 purchase, 105 from the August 21 purchase, and 360 from the September 5 purchase.
Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold consist of 655 units from beginning inventory, 355 from the February 10 purchase, 255 from the March 13 purchase, 105 from the August 21 purchase, and 360 from the September 5 purchase.
Final answer:To compute the cost assigned to endinginventory, you can use the FIFO, LIFO, weighted average, or specific identification methods.Explanation:To compute the cost assigned to endinginventoryusing different methods:FIFO (First-In, First-Out): The cost of ending inventory is calculated by valuing the most recent purchases first, in this case, the September 5 purchase of 360 units.LIFO (Last-In, First-Out): The cost of ending inventory is calculated by valuing the earliest purchases first, so the remaining units from the beginning inventory and the February 10, March 13, and August 21 purchases are used.Weighted Average: The cost of ending inventory is calculated by finding the average cost per unit using the total cost of goods available for sale and dividing by the total units.Specific Identification: The cost of ending inventory is calculated by assigning the actualcostof the specific units sold.Learn more aboutInventorycosting methods here:brainly.com/question/32273462#SPJ11...