A company had the following purchases during the current year:JANUARY:10 UNITS AT $120FEBRUARY: 20 UNITS AT $130MAY:15 UNITS AT $140SEPTEMBER: 12 UNITS AT $150NOVEMBER: 10 UNITS AT $160On December 31, there were 26 units remaining in ending inventory. These 26 units consisted of 2 fromJanuary, 4 from February, 6 from May, 4 from September, and 10 from November. Using the specificidentification method, what is the cost of the ending inventory?

Specific Identification is a method that helps in finding out the ending cost of inventory. It…

Answered: A company håð the fólló JANUARY: 10 UN…

Business

Accounting

A company håð the fólló JANUARY: 10 UN TEDRU A DV 20 II

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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Concept explainers

Production Budget

A budget can be defined as a financial plan designed by an undertaking for a definite period in the future that can contribute towards enhancing the financial success of the business undertaking. It is used to estimate the revenue and expenses. The budget generally takes into account both current and future income and expenses.

Question

A company had the following purchases during the current year:
JANUARY:
10 UNITS AT $120
FEBRUARY: 20 UNITS AT $130
MAY:
15 UNITS AT $140
SEPTEMBER: 12 UNITS AT $150
NOVEMBER: 10 UNITS AT $160
On December 31, there were 26 units remaining in ending inventory. These 26 units consisted of 2 from
January, 4 from February, 6 from May, 4 from September, and 10 from November. Using the specific
identification method, what is the cost of the ending inventory?

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