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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:
Purchases
Sales
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.
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