eriodic inventory method. a2) Determine ending inventory under (1) specific identification, (2) FIFO, (3) LIFO, and (4) average-cost. (Round answer to 0 decimal places, e.g. 2,760.) (b1) Calculate price index. (Round answer to 4 decimal places, e.g. 2.7600.) (b2) Determine ending inventory using dollar-value LIFO. Assume that the December 2, 2020, purchase cost is the current cost of inventory.(Hint: The beginning inventory is the base layer priced at $22 per unit.) (Round answer to 0 decimal places, e.g. 2,760.
Concord Corporation began operations on December 1, 2019. The only inventory transaction in 2019 was the purchase of inventory on December 10, 2019, at a cost of $22 per unit. None of this inventory was sold in 2019. Relevant information is as follows.
| Ending inventory units | ||||
| December 31, 2019 | 130 | |||
| December 31, 2020, by purchase date | ||||
| December 2, 2020 | 130 | |||
| July 20, 2020 | 50 | 180 |
During the year 2020, the following purchases and sales were made.
|
Purchases
|
Sales
|
|||||||
| March 15 | 330 units | at | $26 | April 10 | 230 | |||
| July 20 | 330 units | at | 27 | August 20 | 330 | |||
| September 4 | 230 units | at | 31 | November 18 | 180 | |||
| December 2 | 130 units | at | 33 | December 12 | 230 |
The company uses the periodic inventory method.
a2) Determine ending inventory under (1) specific identification, (2) FIFO, (3) LIFO, and (4) average-cost. (Round answer to 0 decimal places, e.g. 2,760.)
(b1) Calculate price index. (Round answer to 4 decimal places, e.g. 2.7600.)
(b2) Determine ending inventory using dollar-value LIFO. Assume that the December 2, 2020, purchase cost is the current cost of inventory.(Hint: The beginning inventory is the base layer priced at $22 per unit.) (Round answer to 0 decimal places, e.g. 2,760.)
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