Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31.  Transactions Units Unit Cost Beginning inventory, January 1   1,300   $ 40   Transactions during the year:             a. Purchase, January 30   2,000     60   b. Sale, March 14 ($100 each)   (950 )       c. Purchase, May 1   700     80   d. Sale, August 31 ($100 each)   (1,500 )         Assuming that for Specific identification method (item 1d) the March 14 sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the sale of August 31 was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1.   All i'm looking for is the COGS and ending inventory for Specific Identification thanks!

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.