Marigold Corporation began operations on December 1, 2016. The only inventory transaction in 2016 was...
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Marigold Corporation began operations on December 1, 2016. The only inventory transaction in 2016 was the purchase of inventory on December 10, 2016, at a cost of $20 per unit. None of this inventory was sold in 2016. Relevant information for fiscal 2017 is as follows: Ending inventory units:
December 31, 2016
120
December 31, 2017, by purchase date
Dec. 2, 2017
120
July 20, 2017
31
151
During 2017, the following purchases and sales were made:
Purchases
Sales
Mar.
15
350 units at $26
Apr.
10
220
July
20
350 units at $28
Aug.
20
310
Sept.
4
260 units at $30
Nov.
18
180
Dec.
2
120 units at $30
Dec.
12
339
The company uses the periodic inventory method.
Determine ending inventory under (1) specific identification, (2) FIFO, (3) LIFO, and (4) average-cost.
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