1. Calculate the cost of goods sold and ending inve method.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:1. Calculate the cost of goods sold and ending inventory using the specific identification
method.
On December 1, Discount Electronics has three Blu-Ray players left in stock. All are
identical and priced to sell at $750. Of the three Blu-Ray players left in stock, one with
serial #1012 was purchased on June 1 at a cost of $500, another with a serial #1045 was
purchased on November 1 for $450. The last player, serial #1056, was purchased on
November 30 for $400.
Customers purchased two of the three Blu-Ray players. Serial #1045 is the only Blu-Ray
player left in stock.
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