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a. Calculate the cost of ending inventory. Ending inventory . Calculate the cost of goods sold.

a. Calculate the cost of ending inventory. Ending inventory . Calculate the cost of goods sold.

FINANCIAL ACCOUNTING
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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**Using the Specific Identification Method:** | Date | Units Purchased | Cost per Unit | Ending Inventory | |----------|-----------------------------|---------------|--------------------------------| | June 1 | 11 Echo Show's 360 | $273 | 5 Echo Show's from June | | July 1 | 36 Echo Show's 360 | $248 | 15 Echo Show's from July | | August 1 | 67 Echo Show's 360 | $238 | 12 Echo Show's from August | **a. Calculate the cost of ending inventory.** | Ending Inventory | [Input Box] | **b. Calculate the cost of goods sold.** | Cost of Goods Sold | [Input Box] |
Transcribed Image Text:**Using the Specific Identification Method:** | Date | Units Purchased | Cost per Unit | Ending Inventory | |----------|-----------------------------|---------------|--------------------------------| | June 1 | 11 Echo Show's 360 | $273 | 5 Echo Show's from June | | July 1 | 36 Echo Show's 360 | $248 | 15 Echo Show's from July | | August 1 | 67 Echo Show's 360 | $238 | 12 Echo Show's from August | **a. Calculate the cost of ending inventory.** | Ending Inventory | [Input Box] | **b. Calculate the cost of goods sold.** | Cost of Goods Sold | [Input Box] |
Expert Solution
Step 1

WORKING NOTE- TO CALCULATE ENDING INVENTORY AND COST OF GOODS SOLD

 

 

Date Purchased Quantity(Echo shows 360)(A) Units sold out of purchased quantity(B=A-C) Ending inventory (Echo shows360)(C ) Price($)(D) Ending inventory ( in amt)(C*D) Cost of goods sold(B*D)
01-Jun 11 6 5 273 1365 1638
01-Jul 36 21 15 248 3720 5208
01-Aug 67 55 12 238 2856 13090
          7941 19936
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