eriodic inventory method. a2) Determine ending inventory under (1) specific identification, (2) FIFO, (3) LIFO, and (4) average-cost. (Round answer to 0 decimal places, e.g. 2,760.) (b1) Calculate price index. (Round answer to 4 decimal places, e.g. 2.7600.) (b2) Determine ending inventory using dollar-value LIFO. Assume that the December 2, 2020, purchase cost is the current cost of inventory.(Hint: The beginning inventory is the base layer priced at $22 per unit.) (Round answer to 0 decimal places, e.g. 2,760.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Concord Corporation began operations on December 1, 2019. The only inventory transaction in 2019 was the purchase of inventory on December 10, 2019, at a cost of $22 per unit. None of this inventory was sold in 2019. Relevant information is as follows.

Ending inventory units        
   December 31, 2019       130
   December 31, 2020, by purchase date        
      December 2, 2020   130    
      July 20, 2020   50   180


During the year 2020, the following purchases and sales were made.

Purchases
 
Sales
March 15   330 units  at  $26   April 10   230
July 20   330 units  at  27   August 20   330
September 4   230 units  at  31   November 18   180
December 2   130 units  at  33   December 12   230


The company uses the periodic inventory method.

a2) Determine ending inventory under (1) specific identification, (2) FIFO, (3) LIFO, and (4) average-cost. (Round answer to 0 decimal places, e.g. 2,760.)

(b1) Calculate price index. (Round answer to 4 decimal places, e.g. 2.7600.)

(b2) Determine ending inventory using dollar-value LIFO. Assume that the December 2, 2020, purchase cost is the current cost of inventory.(Hint: The beginning inventory is the base layer priced at $22 per unit.) (Round answer to 0 decimal places, e.g. 2,760.)

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