Date Activities Units Acquired at Cost Units Sold at Retail
Jan. 1 Beginning inventory 5 units @ $500/unit
Jan. 5 Purchase 20 units @ $550/unit
Jan. 9 Sales 21 units @ $850/unit
Jan. 18 Purchase 6 units @ $600/unit
Jan. 25 Purchase 10 units @ $620/unit
Jan. 29 Sales 8 units @ $950/unit
Totals 41 units
29 units
Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the January 9 sale consisted of 4 units from beginning inventory and 17 units from the January 5 purchase; the January 29 sale consisted of 2 units from the January 18 purchase and 6 units from the January 25 purchase.

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I'll get you started and see if you can finish this.

After the January 9 sale, you have 1 unit remaining from the beg. Inventory (i.e. 5 units less the 4 sold - @ $500) and 3 units from the Jan. 5 purchase (@ $550).