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18) During 2014, Larue Co., a manufacturer of chocolate candies,
contracted to purchase 200,000 pounds of cocoa beans at $4.00 per
pound, delivery to be made in the spring of 2015. Because a record
harvest is predicted for 2015, the price per pound for cocoa beans had
fallen to $3.30 by December 31, 2014.

19) Which method of inventory pricing best approximates specific
identification of the actual flow of costs and units in most
manufacturing situations?

20) Checkers uses the periodic inventory system. For the current
month, the beginning inventory consisted of 4,800 units that cost $12
each. During the month, the company made two purchases: 2,000
units at $13 each and 8,000 units at $13.50 each. Checkers also sold
8,600 units during the month. Using the FIFO method, what is the
ending inventory?

21) Groh Co. recorded the following data pertaining to raw material
X during January 2014: