Craig Company buys and sells one product. Its beginning inventory, purchases, and sales during calendar-year 2018 follow.
Problem
Date
Activity
Units Acquired at Cost
Total
Units Sold at Retail
Unit Inventory
Jan. 1
Beg. Inventory
400 units @ $14 =
$5,600
-
400 units
Jan. 15
Sale
-
-
200 units @ $30
200 units
Mar. 10
Purchase
200 units @ $15 =
$3,000
-
400 units
Apr. 1
Sale
-
-
200 units @ $30
200 units
May 9
Purchase
300 units @ $16 =
$4,800
-
500 units
Sep. 22
Purchase
250 units @ $20 =
$5,000
-
750 units
Nov. 1
Sale
-
-
300 units @ $35
450 units
Nov. 28
Purchase
100 units @ $21 =
$2,100
-
550 units
-
Totals
1,250 units
$20,500
700 units
550 units
Additional tracking data for specific identification: (1) January 15 sale—200 units @ $14, (2) April 1 sale—200 units @ $15, and (3) November 1 sale—200 units @ $14 and 100 units @ $20.
What is the Cost of Good Available for Sale ? How many units available for sale? (1 point)
Using the Periodic System, determine Cost of Goods Sold (COGS) and Ending Inventory using one of the methods: Specific Identification, Weighted Average, FIFO or LIFO. Show your work.
Explain how the calculation might be different if you used Perpetual System instead.