Northgate Products Corp. sells gadgets and uses the perpetual inventory system. During the month of January 2019, the number of gadgets purchased and sold was as follows: Date Jan. 1 3 8 Units 400 400 10 15 20 27 400 300 Purchased Jan. 3 purchase Jan. 8 purchase Unit cost $3 $5 Opening inventory Jan. 3 purchase Jan. 8 purchase Jan. 15 purchase $7 $7 Units were sold for the following amount: Jan 10 $11 $12 Jan 20 Total $ Units 700 300 Sold for specific identification, units sold on June 10 came from: Opening inventory 0 380 320 700 Unit cost **for specific identification, units sold on June 20 came from: 0 0 60 240 300 Total $ Units 200 Balance in inventory Unit cost $2 Total $
1.Complete the applicable inventory record card, and calculate cost of goods sold and the cost of ending inventory under each of the following inventory cost flow assumptions:
a. FIFO
b. LIFO
c. Specific identification
d. Weighted average.
2. Prepare the
3. Refer to the "Compare" page. Calculate the sum of cost of goods sold and ending inventory balances under each of the four inventory cost flow assumptions. Explain the results.
Please show work.
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