Using the specific identification method:DateJune 1July 1August 1Units purchased11 Echo Show's 36036 Echo Show's 36067 Echo Show's 360a. Calculate the cost of ending inventory.Ending inventoryb. Calculate the cost of goods sold.Cost of goods soldCost perunit$ 273248238Ending inventory5 Echo Show's from June15 Echo Show's from July12 Echo Show's from August

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

Answered: a. Calculate the cost of ending…

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

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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Question

Using the specific identification method:
Date
June 1
July 1
August 1
Units purchased
11 Echo Show's 360
36 Echo Show's 360
67 Echo Show's 360
a. Calculate the cost of ending inventory.
Ending inventory
b. Calculate the cost of goods sold.
Cost of goods sold
Cost per
unit
$ 273
248
238
Ending inventory
5 Echo Show's from June
15 Echo Show's from July
12 Echo Show's from August

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