Date Activities Units Acquired at Cost Units Sold at Retail Jan. Beginning inventory Sales... 1 200 units e $10 =$ 2,000 Jan. 10 150 units a $40 Mar 14 Purchase 350 units e $15 = 5,250 Mar 15 Sales.. 300 units @ $40 July 30 Purchase 450 units a $20 = 9,000 Oc. Sales... 430 units a $40 Oct. 26 Purchase 100 units @ $25%3D 2,500 Totals 1,100 units $18.750 880 units

According to our authors, define “cost” as it relates to determining the value of inventory. Provide examples.

Identify each item as describing the FIFO method, LIFO method, or average cost method of inventory valuation. A. Involves calculating the total number of units in the warehouse FIFO LIFO Average cost B. To determine cost of goods sold, begin with the earliest goods acquired FIFO LIFO Average cost C. To determine merchandise inventory balance, begin with the earliest goods acquired FIFO LIFO Average cost

The cost of goods sold is based on the oldest purchases under which method of calculating inventory cost? O A. weighted average method O B. first in, first out (FIFO) O C. gross profit method O D. last in, first out (LIFO)

Differentiate between the specific identification, FIFO, LIFO, and average cost methods used to determine the cost of ending inventory and cost of goods sold.

Identify four inventory costing methods for assigning cost to ending inventory and cost of goods sold and briefly explain the difference in the methods.