### Inventory Records for AprilA company's inventory records for the month of April are as follows:| Date | Activities | Units Acquired at Cost | Units Sold at Retail ||----------|----------------------|------------------------|----------------------|| April 1 | Beginning Inventory | 700 units @ $36 = $25,200 | || April 7 | Purchase | 600 units @ $40 = $24,000 | || April 11 | Sale | | 1,160 units @ $110 || April 16 | Purchase | 580 units @ $44 = $25,520 | || April 22 | Sale | | 400 units @ $110 |The company uses a periodic inventory system. To determine the cost assigned to the ending inventory using the specific identification method, note that the ending inventory consists of:- 280 units from the April 16 purchase- 80 units from the April 7 purchase- 100 units from beginning inventory### Multiple Choice QuestionSelect the correct cost assigned to ending inventory:- $31,220- $23,480- $19,120- $36,850- $22,960---**Explanation**: The calculation involves specifically identifying the units and their respective costs for the ending inventory which includes 280 units from the purchase on April 16, 80 units from the purchase on April 7, and 100 units from the beginning inventory on April 1.

Name: ### Inventory Records for AprilA company's inventory records for the
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Description: ### Inventory Records for AprilA company's inventory records for the month of April are as follows:| Date | Activities | Units Acquired at Cost | Units Sold at Retail ||----------|----------------------|------------------------|-------

The question is based on the concept of Cost Accounting.

Business

Accounting

A company's inventory records indicate the following data for the month of Apri Date April 1 April 7 April 11 April 16 April 22 Activities Beginning inventory. Purchase Sale Purchase Sale Units Acquired at Cost 780 units@ $36- $28,080 660 units@ $40 - $26,400 Multiple Choice 580 units @ $44- $25,520 4 Units Sold at Retall 1,160 units @ $110 400 units@ $110 The company uses a periodic inventory system. Determine the cost assigned to ending inventory using the specific identification method. Ending inventory consists of 280 units from the April 16 purchase, 80 units from the April 7 purchase, and 100 units from beginning inventory.

A company's inventory records indicate the following data for the month of Apri Date April 1 April 7 April 11 April 16 April 22 Activities Beginning inventory. Purchase Sale Purchase Sale Units Acquired at Cost 780 units@ $36- $28,080 660 units@ $40 - $26,400 Multiple Choice 580 units @ $44- $25,520 4 Units Sold at Retall 1,160 units @ $110 400 units@ $110 The company uses a periodic inventory system. Determine the cost assigned to ending inventory using the specific identification method. Ending inventory consists of 280 units from the April 16 purchase, 80 units from the April 7 purchase, and 100 units from beginning inventory.

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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