Assignment: Inventories (23 Points) Part 1 (8 points) The following table uses the four inventory costing method and displays the cost of ending inventory for Click Cameras FIFO $21,581.40 LIFO S21,410.93 Weighted Average Cost $21,447.36 Specific Identification S21,476.00 Click Cameras also reported the following amounts: 53,874.9 Net sales Purchases available for$57,621.3 sale Instructions: Use the information given above and determine the cost of merchandise sold and the gross profit on sales for each of the inventory costing methods Cost of Inventory sold = Purchases available for sale-ending invento Specific Identification FIFO LIFO Weighted Average Cost Purchases Available for sale LESS: Ending Invento Cost of Merchandise Sold
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