Kudos Leather Goods purchased the following items during the month of April:

1. April 12, 34 wallets @ $12.95 each
2. April 08, 24 wallets @ $13.10 each
3. April 18, 15 wallets @ $13.25 each
4. April 26, 20 wallets @ $13.27 each
On April 1, the business had an inventory of 19 wallets valued at $12.90 each. On April 30, the business had 36 wallets in inventory. Of those wallets, 8 were purchased on April 2, 15 were purchased on April 8, 3 were purchased on April 18, and 10 were purchased on April 26.
Calculate the cost of the ending inventory using the following methods:
a. Specific identification method
b. FIFO method
c. LIFO method
d. Weighted average cost method
Also, find the cost of merchandise sold under each method.

a. Specific identification method:

To calculate the cost of the ending inventory using the specific identification method, we need to identify the cost of each wallet sold during the month.

On April 12, 34 wallets were purchased at $12.95 each.
On April 08, 24 wallets were purchased at $13.10 each.
On April 18, 15 wallets were purchased at $13.25 each.
On April 26, 20 wallets were purchased at $13.27 each.

Let's calculate the cost of the ending inventory:

Ending inventory:
36 wallets - (8 + 15 + 3 + 10) wallets = 36 - 36 = 0 wallets

Cost of ending inventory using specific identification method = $0

Cost of merchandise sold = Cost of purchases - Cost of ending inventory

b. FIFO method:
Under the FIFO (First In, First Out) method, the assumption is that the first items purchased are the first ones sold.

To calculate the cost of the ending inventory using the FIFO method, we need to use the cost of the oldest purchases first.

Cost of the ending inventory using FIFO method:
19 wallets at $12.90 each + 0 wallets = $0

Cost of merchandise sold = Cost of purchases - Cost of ending inventory

c. LIFO method:
Under the LIFO (Last In, First Out) method, the assumption is that the most recent purchases are the first ones sold.

Cost of the ending inventory using LIFO method:
0 wallets

Cost of merchandise sold = Cost of purchases - Cost of ending inventory

d. Weighted average cost method:
To calculate the cost of the ending inventory using the weighted average cost method, we need to find the average cost per wallet.

Total cost of purchases = (34 wallets * $12.95) + (24 wallets * $13.10) + (15 wallets * $13.25) + (20 wallets * $13.27)

Total number of wallets purchased = 34 + 24 + 15 + 20

Average cost per wallet = Total cost of purchases / Total number of wallets purchased

Cost of the ending inventory using weighted average cost method:
36 wallets * Average cost per wallet

Cost of merchandise sold = Cost of purchases - Cost of ending inventory

Note: To find the exact values for each calculation, please provide the total cost of purchases and the total number of wallets purchased.

To calculate the cost of ending inventory and merchandise sold using different methods, we'll go step-by-step.

a. Specific Identification Method:
Under this method, we track the specific cost of each individual item sold. Since we have the information on the exact wallets purchased on specific dates, we can calculate the cost of ending inventory and merchandise sold accordingly.

Cost of ending inventory:
April 30 ending inventory:
- 8 purchased on April 2: 8 wallets x $12.90 = $103.20
- 15 purchased on April 8: 15 wallets x $13.10 = $196.50
- 3 purchased on April 18: 3 wallets x $13.25 = $39.75
- 10 purchased on April 26: 10 wallets x $13.27 = $132.70

Total cost of ending inventory:
$103.20 + $196.50 + $39.75 + $132.70 = $472.15

Cost of merchandise sold:
To calculate the cost of merchandise sold, we need to deduct the cost of the ending inventory from the total purchases during April.

April 12: 34 wallets x $12.95 = $441.30
April 08: 24 wallets x $13.10 = $314.40
April 18: 15 wallets x $13.25 = $198.75
April 26: 20 wallets x $13.27 = $265.40

Total cost of merchandise sold:
$441.30 + $314.40 + $198.75 + $265.40 = $1,219.85

b. FIFO Method:
Under the FIFO method, the assumption is that the first items purchased are the first to be sold.

Cost of ending inventory:
April 30 ending inventory:
- 15 purchased on April 8: 15 wallets x $13.10 = $196.50
- 21 purchased on April 18 (15 + 6 from April 26): 21 wallets x $13.25 = $278.25

Total cost of ending inventory:
$196.50 + $278.25 = $474.75

Cost of merchandise sold:
To calculate the cost of merchandise sold, we subtract the cost of ending inventory from the total purchases during April.

April 12: 34 wallets x $12.95 = $441.30
April 26: 20 wallets x $13.27 = $265.40

Total cost of merchandise sold:
$441.30 + $265.40 = $706.70

c. LIFO Method:
Under the LIFO method, the assumption is that the last items purchased are the first to be sold.

Cost of ending inventory:
April 30 ending inventory:
- 11 purchased on April 26: 11 wallets x $13.27 = $146.97
- 25 purchased on April 18 (15 + 10 from April 8): 25 wallets x $13.25 = $331.25

Total cost of ending inventory:
$146.97 + $331.25 = $478.22

Cost of merchandise sold:
To calculate the cost of merchandise sold, we subtract the cost of ending inventory from the total purchases during April.

April 12: 34 wallets x $12.95 = $441.30
April 08: 9 wallets x $13.10 = $117.90
April 18: 15 wallets x $13.25 = $198.75

Total cost of merchandise sold:
$441.30 + $117.90 + $198.75 = $757.95

d. Weighted Average Cost Method:
Under the weighted average cost method, we calculate the average cost per unit and then apply it to the total units sold and the ending inventory.

Cost of ending inventory:
To calculate the average cost per unit, we need to consider the total cost of goods available for sale and the total number of units available.

Total cost of goods available for sale:
(34 wallets x $12.95) + (24 wallets x $13.10) + (15 wallets x $13.25) + (20 wallets x $13.27) = $1,070.70

Total number of wallets available:
34 + 24 + 15 + 20 = 93 wallets

Average cost per wallet:
$1,070.70 / 93 = $11.53 per wallet

April 30 ending inventory:
36 wallets x $11.53 = $415.08

Cost of merchandise sold:
To calculate the cost of merchandise sold, we need to subtract the cost of ending inventory from the total cost of goods available for sale.

Total cost of goods available for sale: $1,070.70

Cost of merchandise sold:
$1,070.70 - $415.08 = $655.62

To summarize:
a. Specific identification method:
Cost of ending inventory: $472.15
Cost of merchandise sold: $1,219.85

b. FIFO method:
Cost of ending inventory: $474.75
Cost of merchandise sold: $706.70

c. LIFO method:
Cost of ending inventory: $478.22
Cost of merchandise sold: $757.95

d. Weighted average cost method:
Cost of ending inventory: $415.08
Cost of merchandise sold: $655.62

To calculate the cost of the ending inventory and the cost of merchandise sold using different methods, we need to analyze the purchases, sales, and remaining inventory.

1. Specific Identification Method:
Under this method, we assign the actual cost to each specific item in the inventory. It requires tracking the cost of each item sold.

- April 1 Inventory: 19 wallets @ $12.90 each = $245.10
- Purchases during April: (34 x $12.95) + (24 x $13.10) + (15 x $13.25) + (20 x $13.27)
= $441.30 + $314.40 + $198.75 + $265.40 = $1,219.85

- April 30 Remaining Inventory: 36 wallets
- Identified purchases:
- April 2: 8 wallets @ $12.95 each = $103.60
- April 8: 15 wallets @ $13.10 each = $196.50
- April 18: 3 wallets @ $13.25 each = $39.75
- April 26: 10 wallets @ $13.27 each = $132.70

Using the specific identification method: The cost of the ending inventory is calculated by summing up the costs of the remaining identified purchases. The cost of merchandise sold is calculated by subtracting the cost of the ending inventory from the total cost of purchases.

Cost of Ending Inventory = $103.60 + $196.50 + $39.75 + $132.70 = $472.55
Cost of Merchandise Sold = $1,219.85 - $472.55 = $747.30

2. FIFO Method:
Under the First-In-First-Out method, we assume that the first items purchased are also the first ones sold.

Using the FIFO method: We assume that the first items purchased (April 12, 34 wallets @ $12.95 each) are sold first. Therefore, the cost of the ending inventory would be based on the most recent purchases.

- Remaining inventory at the end of April 30: 36 wallets
- Identified purchases:
- April 2: 8 wallets
- April 8: 15 wallets
- April 18: 3 wallets
- April 26: 10 wallets

Cost of Ending Inventory = (8 x $13.27) + (15 x $13.27) + (3 x $13.27) + (10 x $13.27) = $532.00

Cost of Merchandise Sold = Total Cost of Purchases - Cost of Ending Inventory
= $1,219.85 - $532.00 = $687.85

3. LIFO Method:
Under the Last-In-First-Out method, we assume that the most recent items purchased are sold first.

Using the LIFO method: We assume that the most recently purchased items (April 26, 20 wallets @ $13.27 each) are sold first. Therefore, the cost of the ending inventory would be based on the earliest purchases.

- Remaining inventory at the end of April 30: 36 wallets
- Identified purchases:
- April 2: 8 wallets
- April 8: 15 wallets
- April 18: 3 wallets
- April 26: 10 wallets

Cost of Ending Inventory = (8 x $12.95) + (15 x $13.10) + (3 x $13.25) + (10 x $13.27) = $463.60

Cost of Merchandise Sold = Total Cost of Purchases - Cost of Ending Inventory
= $1,219.85 - $463.60 = $756.25

4. Weighted Average Cost Method:
Under the Weighted Average Cost Method, we calculate the average cost per unit by dividing the total cost of goods available for sale by the total number of units.

- Total Cost of Goods Available for Sale = Cost of April 1 Inventory + Total Cost of Purchases
= ($12.90 x 19) + $1,219.85 = $1,476.75
- Total Units Available for Sale = April 1 Inventory + Total Units Purchased
= 19 + (34 + 24 + 15 + 20) = 112

- Average Cost per Unit = Total Cost of Goods Available for Sale / Total Units Available for Sale
= $1,476.75 / 112 = $13.18 (approx.)

Using the Weighted Average Cost Method:
- Cost of Ending Inventory = Average Cost per Unit x Remaining Inventory
= $13.18 x 36 = $474.48 (approx.)

Cost of Merchandise Sold = Total Cost of Purchases - Cost of Ending Inventory
= $1,219.85 - $474.48 = $745.37 (approx.)

Please note that due to rounding off the average cost per unit, the final values may slightly differ.