Esteban Enterprises, a farm equipment retailer, had the following units on hand as of January 1 of the current year Item Number Description Quantity Cost per Unit 1167 Horse Trailer 7 $55,000 2234 Tractor 7 42,000 4423 Hay Baler 7 22,000 During the year, it purchased the following pieces of equipment: Item Number Description Quantity Cost per Unit 2288 Tractor 7 $41,200 4467 Hay Baler 7 32,000 During the year, Esteban sold all of the units in its beginning inventory except for the Hay Baler (item 4423). It also sold the tractor that was purchased during the year (item 2288). What are Esteban's ending inventory and cost of goods sold under the specific identification method? (Enter a "0" for any zero amounts.)
Esteban Enterprises, a farm equipment retailer, had the following units on hand as of January 1 of the current year Item Number Description Quantity Cost per Unit 1167 Horse Trailer 7 $55,000 2234 Tractor 7 42,000 4423 Hay Baler 7 22,000 During the year, it purchased the following pieces of equipment: Item Number Description Quantity Cost per Unit 2288 Tractor 7 $41,200 4467 Hay Baler 7 32,000 During the year, Esteban sold all of the units in its beginning inventory except for the Hay Baler (item 4423). It also sold the tractor that was purchased during the year (item 2288). What are Esteban's ending inventory and cost of goods sold under the specific identification method? (Enter a "0" for any zero amounts.)
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter8: Operating Assets: Property, Plant, And Equipment, And Intangibles
Section: Chapter Questions
Problem 8.1E
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Question
Esteban Enterprises, a farm equipment retailer, had the following units on hand as of January 1 of the current year
|
Item Number
|
Description
|
Quantity
|
Cost per Unit
|
|
1167
|
Horse Trailer
|
7
|
$55,000
|
|
2234
|
Tractor
|
7
|
42,000
|
|
4423
|
Hay Baler
|
7
|
22,000
|
During the year, it purchased the following pieces of equipment:
|
Item Number
|
Description
|
Quantity
|
Cost per Unit
|
|
2288
|
Tractor
|
7
|
$41,200
|
|
4467
|
Hay Baler
|
7
|
32,000
|
During the year, Esteban sold all of the units in its beginning inventory except for the Hay Baler (item 4423). It also sold the tractor that was purchased during the year (item 2288). What are Esteban's ending inventory and cost of goods sold under the specific identification method? (Enter a "0" for any zero amounts.)
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