Date October 1 October 4 October 10. October 13 October 20 October 28 October 30 wwwwwwww Ending inventory Cost of goods sold Transactions Beginning inventory Sale Purchase Sale Purchase Sale Purchase www Units 6 4 5 3 4 7 7 Cost per Unit $740 750 760 770 Total Cost $4,440 3,750 3,040 5,390 $16,620 Required: 1. Calculate ending inventory and cost of goods sold at October 31, using the specific identification method. The October 4 sale. consists of purses from beginning inventory, the October 13 sale consists of one purse from beginning inventory and two purses from the October 10 purchase, and the October 28 sale consists of three purses from the October 10 purchase and four purses from the October 20 purchase.
Date October 1 October 4 October 10. October 13 October 20 October 28 October 30 wwwwwwww Ending inventory Cost of goods sold Transactions Beginning inventory Sale Purchase Sale Purchase Sale Purchase www Units 6 4 5 3 4 7 7 Cost per Unit $740 750 760 770 Total Cost $4,440 3,750 3,040 5,390 $16,620 Required: 1. Calculate ending inventory and cost of goods sold at October 31, using the specific identification method. The October 4 sale. consists of purses from beginning inventory, the October 13 sale consists of one purse from beginning inventory and two purses from the October 10 purchase, and the October 28 sale consists of three purses from the October 10 purchase and four purses from the October 20 purchase.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
Question
Vishu
Transcribed Image Text:Date
October 1
October 4
October 10
October 13
October 20
October 28
October 30
www price
Ending inventory
Cost of goods sold
Transactions
Beginning inventory
Sale
Purchase
Sale
Purchase
Sale
Purchase
www.gm
Cost per
Units. Unit
6
$740
4
5
750
3
4
760
7
7
770
Total Cost
$.4,440
3,750
3,040
5,390
$16,620
Required:
1. Calculate ending inventory and cost of goods sold at October 31, using the specific identification method. The October 4 sale
consists of purses from beginning inventory, the October 13 sale consists of one purse from beginning inventory and two purses from
the October 10 purchase, and the October 28 sale consists of three purses from the October 10 purchase and four purses from the
October 20 purchase.
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