Exercise 6-3 Specific identification cost flow assumption LO2 Urban Glam Cosmetics made purchases of lipstick in the current year as follows: Jan. 1 Beginning inventory Mar. 14 Purchased July 30 Purchased Units available for sale Cost of goods available for sale Jan. 10: 77 units from beginning inventory Mar. 15: 89 units 320 units 570 units 979 units Oct. 5: Urban Glam Cosmetics made sales on the following dates at a selling price of $36 per unit: Assume that Urban Glam Cosmetics uses the specific identification method to cost inventory. The 847 units were specifically sold as follows: 10 units from beginning inventory, and units from the March 14 purchase 240 @ $13.00 = $1,157 @ $14.00 @ $15.00 57 units from the March 14 purchase, and 463 units from the July 30 purchase 4,480 8,550 $14, 187

Exercise 6-3 Specific identification cost flow assumption LO2 Urban Glam Cosmetics made purchases of lipstick in the current year as follows: Jan. 1 Beginning inventory Mar. 14 Purchased July 30 Purchased Units available for sale Cost of goods available for sale Jan. 10: 77 units from beginning inventory Mar. 15: 89 units 320 units 570 units 979 units Oct. 5: Urban Glam Cosmetics made sales on the following dates at a selling price of $36 per unit: Assume that Urban Glam Cosmetics uses the specific identification method to cost inventory. The 847 units were specifically sold as follows: 10 units from beginning inventory, and units from the March 14 purchase 240 @ $13.00 = $1,157 @ $14.00 @ $15.00 57 units from the March 14 purchase, and 463 units from the July 30 purchase 4,480 8,550 $14, 187

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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