Current Attempt in ProgressOn January 3, Pronghorn Corp, purchased three portable electronic keyboards for $590 each. On January 20, it purchased four moreof the same model keyboards for $514 each. During the month, it sold two keyboards; one that Pronghorn purchased on January 3 andone that it purchased on January 20,Calculate the cost of goods sold and ending inventory for the month using specific identification.Cost of goods soldEnding inventory$$ (c)Determine the cost of goods sold and the cost of the ending inventory using the average cost formula. (Use unrounded numbers foraverage cost calculations. Round answers to 2 decimal places. e.g 5.52.)Cost of goods soldCost of the ending inventoryeTextbook and MediaeTextbookeTextbook and Media$Save for Later303115.502147472Assistance UsedIs the gross profit determined in part (b) higher or lower than it would be if Grouper Furniture had used FIFO?The gross profit isAttempts: 1 of 3 usedthan it would be using the FIFO cost method because the cost of the product being purchased isAttempts: 0 of 3 usedSubmit Answer

Name: Current Attempt in ProgressOn January 3, Pronghorn Corp, purchased th
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Description: Current Attempt in ProgressOn January 3, Pronghorn Corp, purchased three portable electronic keyboards for $590 each. On January 20, it purchased four moreof the same model keyboards for $514 each. During the month, it sold two keyboards; one that P

Methods of Valuation of Inventory 1. Weighted Average Cost: Under this method, an average cost of…

Answered: (a) Calculate the cost of goods sold…

Business

Accounting

(a) Calculate the cost of goods sold and ending inventory for the month using specific identification.

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section20.2: Determining The Cost Of Merchandise Inventory

Problem 1OYO

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