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.)

Name: Jasper & Williams made purchases of a particular product In the curre
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Description: Jasper & Williams made purchases of a particular product In the current year as follows:1 Beginning inventoryJan.120 unitsO$2.10@$2.20@$2.30@$2.45= $252Mar.7Purchased250 units550July 28Purchased5ee units1,150Ooct.Purchased60 units147Totals930 units$

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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