All Signs Company uses a periodic inventory system. The company's accounting records for the most...
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All Signs Company uses a periodic inventory system. The company's accounting records for the most popular item in inventory showed the following details: Units 800 Unit Cost $15 16 Transactions Beginning inventory, April 1, 2018 Transactions during 2018: a. Purchase, May 20 b. Sale, July 1 ($46 each) C. Purchase, September 30 d. Sale, November 1 ($46 each) e. Sales return November 5 (relating to Transaction [d]) 1,200 (1,400) 1,000 (200) 40 18 Required: Compute the following amounts, under each of the below inventory costing methods. (Round your intermediate calculations to 2 decimal places.) 1. Weighted average cost. 2. FIFO. 3. Specific identification, assuming that the company is permitted to use it and that half of the units sold on July 1, 2018, were selected from the beginning inventory and the other half was taken from the purchase of May 20, 2018. Assume that the sale of November 1, 2018, was selected from the purchase of September 30, 2018. FIFO Weighted- Average Cost Specific Identification (a) Cost of goods available for sale during 2018 (b) Cost of ending inventory at December 31, 2018 (c) Cost of sales for 2018
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