Homework Help is Here – Start Your Trial Now!
Business
Accounting
A company's inventory records show the following data for the month of December. Units Acquired at Cost 900 units @ $36= $32,400 780 units @ $40= $31,200 Date December 1 December 8 December 11 December 13 December 24 December 30 Sale Activities Beginning inventory Purchase Beginning inventory Purchases: Specific Identification December 8 December 13 December 24 Sale Purchase Purchase Total 800 units @ $71 Determine the cost assigned to ending inventory using the specific identification method. Ending inventory consists of 350 units from the December 24 purchase, 300 units from the December 13 purchase, 310 units from the December 8 purchase, and 200 units from beginning inventory. 700 units @ $44= $30,800 680 units @ $50 $34,000 Cost of Goods Available for Sale Cost of Goods Number Cost per Available for Sale of units unit 0 $ 0 Cost of Goods Sold Number of units sold Cost per unit Units Sold at Retail Cost of Goods Sold 1,100 units @ $70 Ending Inventory Number of units in ending inventory Cost Ending per unit Inventory S O

A company's inventory records show the following data for the month of December. Units Acquired at Cost 900 units @ $36= $32,400 780 units @ $40= $31,200 Date December 1 December 8 December 11 December 13 December 24 December 30 Sale Activities Beginning inventory Purchase Beginning inventory Purchases: Specific Identification December 8 December 13 December 24 Sale Purchase Purchase Total 800 units @ $71 Determine the cost assigned to ending inventory using the specific identification method. Ending inventory consists of 350 units from the December 24 purchase, 300 units from the December 13 purchase, 310 units from the December 8 purchase, and 200 units from beginning inventory. 700 units @ $44= $30,800 680 units @ $50 $34,000 Cost of Goods Available for Sale Cost of Goods Number Cost per Available for Sale of units unit 0 $ 0 Cost of Goods Sold Number of units sold Cost per unit Units Sold at Retail Cost of Goods Sold 1,100 units @ $70 Ending Inventory Number of units in ending inventory Cost Ending per unit Inventory S O

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Topic Video
Question

Please do not give solution in image format thanku 

A company's inventory records show the following data for the month of December. Units Acquired at Cost 900 units @ $36= $32,400 780 units @ $40 = $31,200 Date Activities December 1 Beginning inventory December 81 Purchase Sale December 11 December 13 December 24 December 30 Specific Identification Beginning inventory Purchases: Purchase Purchase Sale December 8 December 13 December 24 Total Determine the cost assigned to ending inventory using the specific identification method. Ending inventory consists of 350 units from the December 24 purchase, 300 units from the December 13 purchase, 310 units from the December 8 purchase, and 200 units from beginning inventory. Cost of Goods Available for Sale Cost of Goods Available for Sale Number Cost per of units unit 0 700 units @ $44 = $30,800 680 units @ $50= $34,000 $ Prev 0 Cost of Goods Sold Number of units sold 1 of 8 0 Cost per unit Cost of Goods Sold Units Sold at Retail Next > 1,100 units @ $70 800 units @ $71 Ending Inventory Number of units in ending inventory 0 Cost Ending per unit Inventory $ 0
Transcribed Image Text:A company's inventory records show the following data for the month of December. Units Acquired at Cost 900 units @ $36= $32,400 780 units @ $40 = $31,200 Date Activities December 1 Beginning inventory December 81 Purchase Sale December 11 December 13 December 24 December 30 Specific Identification Beginning inventory Purchases: Purchase Purchase Sale December 8 December 13 December 24 Total Determine the cost assigned to ending inventory using the specific identification method. Ending inventory consists of 350 units from the December 24 purchase, 300 units from the December 13 purchase, 310 units from the December 8 purchase, and 200 units from beginning inventory. Cost of Goods Available for Sale Cost of Goods Available for Sale Number Cost per of units unit 0 700 units @ $44 = $30,800 680 units @ $50= $34,000 $ Prev 0 Cost of Goods Sold Number of units sold 1 of 8 0 Cost per unit Cost of Goods Sold Units Sold at Retail Next > 1,100 units @ $70 800 units @ $71 Ending Inventory Number of units in ending inventory 0 Cost Ending per unit Inventory $ 0
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Merchandise Inventory
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS