CRITICS Company is a multi-product firm. Presented below is information concerning one of its products, the CarMac. TRANSACTION QUANTITY 1000 2000 DATE 01-Jan Beginning Inventory 04-Feb Purchase 20-Feb Sale 02-Apr Purchase 04-Nov Sale 2500 3000 2200 PRICE/COST 12 18 30 23 33 Determine the amount of cost of goods sold and ending inventory if the company is using specific identification. (Assume that in the sale on 2/20, 1,000 units came from the beginning inventory and the rest from the 2/4 purchase. For the sale on 11/4, everything came from the 4/2 purchase.)
CRITICS Company is a multi-product firm. Presented below is information concerning one of its products, the CarMac. TRANSACTION QUANTITY 1000 2000 DATE 01-Jan Beginning Inventory 04-Feb Purchase 20-Feb Sale 02-Apr Purchase 04-Nov Sale 2500 3000 2200 PRICE/COST 12 18 30 23 33 Determine the amount of cost of goods sold and ending inventory if the company is using specific identification. (Assume that in the sale on 2/20, 1,000 units came from the beginning inventory and the rest from the 2/4 purchase. For the sale on 11/4, everything came from the 4/2 purchase.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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