A company's inventory records show the following data for the month of December. Units Acquired at Cost 700 units @ $36 = $25,200 580 units @ $40 = $23,200 Date December 1 December 8 Activities Beginning inventory Purchase Sale Purchase Purchase December 11 December 13 December 24 December 30 Sale Specific Identification 500 units @ $44 = $22,000 480 units @ $50 = $24,000 600 units @ $71 Determine the cost assigned to ending inventory using the specific identification method. Ending inventory consists of 250 units from the December 24 purchase, 200 units from the December 13 purchase, 210 units from the December 8 purchase, and 100 units from beginning inventory. Cost of Goods Available for Sale Cost of Goods Available for Sale Number Cost per of units unit Cost of Goods Sold Cost per unit Number of units sold Units Sold at Retail Cost of Goods Sold 900 units @ $70 Ending Inventory Number of units in ending inventory Cost per unit Ending Inventory

A company's inventory records show the following data for the month of December. Units Acquired at Cost 700 units @ $36 = $25,200 580 units @ $40 = $23,200 Date December 1 December 8 Activities Beginning inventory Purchase Sale Purchase Purchase December 11 December 13 December 24 December 30 Sale Specific Identification 500 units @ $44 = $22,000 480 units @ $50 = $24,000 600 units @ $71 Determine the cost assigned to ending inventory using the specific identification method. Ending inventory consists of 250 units from the December 24 purchase, 200 units from the December 13 purchase, 210 units from the December 8 purchase, and 100 units from beginning inventory. Cost of Goods Available for Sale Cost of Goods Available for Sale Number Cost per of units unit Cost of Goods Sold Cost per unit Number of units sold Units Sold at Retail Cost of Goods Sold 900 units @ $70 Ending Inventory Number of units in ending inventory Cost per unit Ending Inventory

Name: A company's inventory records show the following data for the month o
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Description: A company's inventory records show the following data for the month of December.ActivitiesBeginning inventoryUnits Acquired at Cost700 units @ $36 = $25,200580 units @ $40 = $23,200PurchaseSalePurchasePurchaseSaleDateDecember 1December 8December 11D

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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