Jasper & Williams made purchases of a particular product In the current year as follows: Jan. 1 Beginning inventory Mar. 120 units e $2.10 = $ 250 units e$2.20 = e$2.30 @$2.45 252 7 Purchased 550 July 28 Purchased 5ee units 1,15e Oct. Purchased 60 units 147 Totals 930 units $ 2,099 Assume that the specific Identification method is used to assign costs to cost of goods sold ending Inventory. The units In ending Inventory were specifically Identified as follows. • 80 units from beginning Inventory • 27 units from the March 7 purchase, and • 48 units from the July 28 purchase. Required: Determine the cost to be assigned to ending Inventory and cost of goods sold. (Round the final answers to 2 decimal places.)
Jasper & Williams made purchases of a particular product In the current year as follows: Jan. 1 Beginning inventory Mar. 120 units e $2.10 = $ 250 units e$2.20 = e$2.30 @$2.45 252 7 Purchased 550 July 28 Purchased 5ee units 1,15e Oct. Purchased 60 units 147 Totals 930 units $ 2,099 Assume that the specific Identification method is used to assign costs to cost of goods sold ending Inventory. The units In ending Inventory were specifically Identified as follows. • 80 units from beginning Inventory • 27 units from the March 7 purchase, and • 48 units from the July 28 purchase. Required: Determine the cost to be assigned to ending Inventory and cost of goods sold. (Round the final answers to 2 decimal places.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![Jasper & Williams made purchases of a particular product In the current year as follows:
1 Beginning inventory
Jan.
120 units
O$2.10
@$2.20
@$2.30
@$2.45
= $
252
Mar.
7
Purchased
250 units
550
July 28
Purchased
5ee units
1,150
Ooct.
Purchased
60 units
147
Totals
930 units
$ 2,099
Assume that the specific Identification method is used to assign costs to cost of goods sold ending inventory. The units In ending
Inventory were specifically identified as follows.
• 80 units from beginning Inventory
• 27 units from the March 7 purchase, and
• 48 units from the July 28 purchase.
Requlred:
Determine the cost to be assigned to ending Inventory and cost of goods sold. (Round the final answers to 2 decimal places.)
Ending inventory
Cost of goods sold](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7ed0e7b2-8efa-4da4-a3ad-74d945a553a2%2Ff9c29d5f-407b-42d5-8b5d-d3792969d2ba%2Fkhbsstl_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Jasper & Williams made purchases of a particular product In the current year as follows:
1 Beginning inventory
Jan.
120 units
O$2.10
@$2.20
@$2.30
@$2.45
= $
252
Mar.
7
Purchased
250 units
550
July 28
Purchased
5ee units
1,150
Ooct.
Purchased
60 units
147
Totals
930 units
$ 2,099
Assume that the specific Identification method is used to assign costs to cost of goods sold ending inventory. The units In ending
Inventory were specifically identified as follows.
• 80 units from beginning Inventory
• 27 units from the March 7 purchase, and
• 48 units from the July 28 purchase.
Requlred:
Determine the cost to be assigned to ending Inventory and cost of goods sold. (Round the final answers to 2 decimal places.)
Ending inventory
Cost of goods sold
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