Gladstone Company tracks the number of units purchased and sold throughout each

Question

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.Assuming that for Specific identification method (item ld) 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

Explanation / Answer

Workings

Goods Available for Sale Ending Inventory COGS LIFO 256250 118000 138250 weighted Average 261662 137213 124449 FIFO 256250 150250 106000 Specific Identification 256250 140250 116000

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