EastPoint Toyota, a small dealership, has provided you with the following information with respect to its vehicle inventory for the month of November. The company uses the specific identification method. Date Explanation Model Serial# Unit Cost Unit Selling Price Nov. 1 Inventory Corolla C63825 $15,000 Corolla C81362 21,000 Camry G62313 24,000 Venza X3892 29,000 Tundra F1883 23,000 Tundra F1921 25,000 8 Sales Corolla C81362 $22,800 Camry G62313 26,300 12 Purchases Camry G71811 26,000 Camry G71891 25,000 Venza X4212 29,000 Venza X4214 30,000 18 Sales Camry G71891 27,400 Venza X3892 32,600 Tundra F1921 29,200 23 Purchases Tundra F2182 24,000 Camry G72166 31,000 Determine the cost of goods sold and the ending inventory for the month of November. Cost of goods sold $ Ending inventory $
EastPoint Toyota, a small dealership, has provided you with the following information with respect to its vehicle inventory for the month of November. The company uses the specific identification method. Date Explanation Model Serial# Unit Cost Unit Selling Price Nov. 1 Inventory Corolla C63825 $15,000 Corolla C81362 21,000 Camry G62313 24,000 Venza X3892 29,000 Tundra F1883 23,000 Tundra F1921 25,000 8 Sales Corolla C81362 $22,800 Camry G62313 26,300 12 Purchases Camry G71811 26,000 Camry G71891 25,000 Venza X4212 29,000 Venza X4214 30,000 18 Sales Camry G71891 27,400 Venza X3892 32,600 Tundra F1921 29,200 23 Purchases Tundra F2182 24,000 Camry G72166 31,000 Determine the cost of goods sold and the ending inventory for the month of November. Cost of goods sold $ Ending inventory $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
EastPoint Toyota, a small dealership, has provided you with the following information with respect to its vehicle inventory for the month of November. The company uses the specific identification method.
Determine the cost of goods sold and the ending inventory for the month of November.
| Date | Explanation | Model | Serial# | Unit Cost | Unit Selling Price | |||||||
| Nov. 1 | Inventory | Corolla | C63825 | $15,000 | ||||||||
| Corolla | C81362 | 21,000 | ||||||||||
| Camry | G62313 | 24,000 | ||||||||||
| Venza | X3892 | 29,000 | ||||||||||
| Tundra | F1883 | 23,000 | ||||||||||
| Tundra | F1921 | 25,000 | ||||||||||
| 8 | Sales | Corolla | C81362 | $22,800 | ||||||||
| Camry | G62313 | 26,300 | ||||||||||
| 12 | Purchases | Camry | G71811 | 26,000 | ||||||||
| Camry | G71891 | 25,000 | ||||||||||
| Venza | X4212 | 29,000 | ||||||||||
| Venza | X4214 | 30,000 | ||||||||||
| 18 | Sales | Camry | G71891 | 27,400 | ||||||||
| Venza | X3892 | 32,600 | ||||||||||
| Tundra | F1921 | 29,200 | ||||||||||
| 23 | Purchases | Tundra | F2182 | 24,000 | ||||||||
| Camry | G72166 | 31,000 |
Determine the cost of goods sold and the ending inventory for the month of November.
| Cost of goods sold | $ | |
| Ending inventory | $ |
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 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
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education