Determine ending inventory under specific identification

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Reference no: EM132234940

Question - Martinez 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 $21 per unit. None of this inventory was sold in 2016. Relevant information for fiscal 2017 is as follows:

Ending inventory units:

December 31, 2016 150

December 31, 2017, by purchase date

Dec. 2, 2017 150

July 20, 2017 32 182

During 2017, the following purchases and sales were made:



Mar. 15 420 units at $25

Apr. 10 230

July 20 420 units at $26

Aug. 20 300

Sept. 4 240 units at $30

Nov. 18 190

Dec. 2 150 units at $32

Dec. 12 478

The company uses the periodic inventory method.

Determine ending inventory under specific identification.

Determine ending inventory under FIFO.

Determine ending inventory under weighted average cost.

Reference no: EM132234940

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