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4. A company made the following purchases during the year: Jan. 10 Mar. 15 Apr. 25 July 30 Oct. 10 15 25 10 20 15 units at $360 units at $390 units at $420 units at $450 units at $480 On December 31, there were 30 units in ending inventory. These 30 units consisted of 5 from the January 10 shipment, 7 from the March 15 shipment, 4 from the April 25 shipment, 12 from the July 30 shipment, and 2 from the October 10 shipment. Using specific identification, calculate the cost of goods sold and the ending inventory balance.

4. A company made the following purchases during the year: Jan. 10 Mar. 15 Apr. 25 July 30 Oct. 10 15 25 10 20 15 units at $360 units at $390 units at $420 units at $450 units at $480 On December 31, there were 30 units in ending inventory. These 30 units consisted of 5 from the January 10 shipment, 7 from the March 15 shipment, 4 from the April 25 shipment, 12 from the July 30 shipment, and 2 from the October 10 shipment. Using specific identification, calculate the cost of goods sold and the ending inventory balance.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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4. A company made the following purchases during the year: Jan. 10 15 Mar. 15 25 Apr. 25 10 July 30 20 Oct. 10 15 units at $360 units at $390 units at $420 units at $450 units at $480 On December 31, there were 30 units in ending inventory. These 30 units consisted of 5 from the January 10 shipment, 7 from the March 15 shipment, 4 from the April 25 shipment, 12 from the July 30 shipment, and 2 from the October 10 shipment. Using specific identification, calculate the cost of goods sold and the ending inventory balance.
Transcribed Image Text:4. A company made the following purchases during the year: Jan. 10 15 Mar. 15 25 Apr. 25 10 July 30 20 Oct. 10 15 units at $360 units at $390 units at $420 units at $450 units at $480 On December 31, there were 30 units in ending inventory. These 30 units consisted of 5 from the January 10 shipment, 7 from the March 15 shipment, 4 from the April 25 shipment, 12 from the July 30 shipment, and 2 from the October 10 shipment. Using specific identification, calculate the cost of goods sold and the ending inventory balance.
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