Required: 1) Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Also click on the Weighted Average, FIFO, and LIFO Tabs below.) Date Activities Units Units Acquired at Cost Cost Total cost Units per unit Units Sold at Retail Selling price per Total Sales unit January 01 Beginning inventory 140 $6.00 $840 January 10 January 20 Sales Purchase 100 $15.00 $1,500 60 $5.00 300 January 25 Sales 80 $15.00 $1,200 January 30 Purchase Totals 180 $4.50 810 380 $1,950 180 $2,700 For specific identification, ending inventory consists of the following units: Units from beginning inventory Units from purchase of January 20 Units from purchase of January 30 15 5 180
Required: 1) Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Also click on the Weighted Average, FIFO, and LIFO Tabs below.) Date Activities Units Units Acquired at Cost Cost Total cost Units per unit Units Sold at Retail Selling price per Total Sales unit January 01 Beginning inventory 140 $6.00 $840 January 10 January 20 Sales Purchase 100 $15.00 $1,500 60 $5.00 300 January 25 Sales 80 $15.00 $1,200 January 30 Purchase Totals 180 $4.50 810 380 $1,950 180 $2,700 For specific identification, ending inventory consists of the following units: Units from beginning inventory Units from purchase of January 20 Units from purchase of January 30 15 5 180
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...
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