During 2024, a company sells 200 units of inventory for $55 each. The company has the following inventory purchase transactions for 2024: Date January 1 May 5 November 3 Transaction Beginning inventory Purchase Purchase Cost of goods sold Ending inventory Number of Units 51 102 79 232 Unit Cost Total Cost $41 40 39 $2,091 4,080 3,081 $9,252 Actual sales by the company include its entire beginning inventory, 82 units of inventory from the May 5 purchase, and 67 units from the November 3 purchase. Calculate cost of goods sold and ending inventory for 2024 assuming the company uses specific identification.
During 2024, a company sells 200 units of inventory for $55 each. The company has the following inventory purchase transactions for 2024: Date January 1 May 5 November 3 Transaction Beginning inventory Purchase Purchase Cost of goods sold Ending inventory Number of Units 51 102 79 232 Unit Cost Total Cost $41 40 39 $2,091 4,080 3,081 $9,252 Actual sales by the company include its entire beginning inventory, 82 units of inventory from the May 5 purchase, and 67 units from the November 3 purchase. Calculate cost of goods sold and ending inventory for 2024 assuming the company uses specific identification.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 12RE: Carla Company uses the perpetual inventory system. The following information is available for...
Related questions
Topic Video
Question
Manji
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning