Computers had the following inventory: Nov. 1....Beginning Inventory..... Nov. 5... Purchase of Model J computers........ Nov.11..Purchase of Model J computers......... Nov.24..Purchase of Model J computers...... Nov.30..Sale of Model J computers......... ***** ..50 computers at $1,100 ..12 computers at $1,250 ..17 computers at $1,300 13 computers at $1,450 ...42 computers at $2,500 If you can specifically identify that 10 computers from the Nov. 24 Inventory were sold, 10 from the November 11 purchases were sold, 10 from the November 5 Inventory were sold and 12 from the beginning inventory were sold, what is Cost of Goods sold under Specific Identification. Inv End
Computers had the following inventory: Nov. 1....Beginning Inventory..... Nov. 5... Purchase of Model J computers........ Nov.11..Purchase of Model J computers......... Nov.24..Purchase of Model J computers...... Nov.30..Sale of Model J computers......... ***** ..50 computers at $1,100 ..12 computers at $1,250 ..17 computers at $1,300 13 computers at $1,450 ...42 computers at $2,500 If you can specifically identify that 10 computers from the Nov. 24 Inventory were sold, 10 from the November 11 purchases were sold, 10 from the November 5 Inventory were sold and 12 from the beginning inventory were sold, what is Cost of Goods sold under Specific Identification. Inv End
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please do not provide answer in image formate thank you.
Transcribed Image Text:Apple
Computers had the following inventory:
Nov. 1....Beginning Inventory........
Nov. 5...Purchase of Model J computers.
Nov.11..Purchase of Model J computers......
Nov.24..Purchase of Model J computers.
Nov.30..Sale of Model J computers....
What is cost of goods sold under:
FIFO:
LIFO;
If you can specifically identify that 10 computers from the Nov. 24 Inventory were sold, 10 from the
November 11 purchases were sold, 10 from the November 5 Inventory were sold and 12 from the
beginning inventory were sold, what is Cost of Goods sold under Specific Identification. Ending
Inv.
.50 computers at $1,100.
12 computers at $1,250
17 computers at $1,300
AVERAGE METHOD:
..13 computers at $1,450
...42 computers at $2,500
AND Ending Inventory
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