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Kirk's Sales Ltd., a small Ford dealership, has provided you with the following information with respect to its vehicle inventory for the month of May. The company uses the specific identification cost formula. Date May Explanation 1 Beginning inventory 8 Sales 13 Purchases 19 Sales Model Taurus F-150 F-150 Mustang Flex Taurus Mustang Mustang Flex Escape Mustang Flex Mustang Serial # C81362 F1883 F1921 G62313 X3892 C81362 G62313 G71811 X4214 E21202 G71891 X4212 G71891 Unit Cost/Price $24,000 24,300 28,800 29,400 31,300 25,200 32,800 30,400 31,000 29,000 27,700 30,000 33,200

Kirk's Sales Ltd., a small Ford dealership, has provided you with the following information with respect to its vehicle inventory for the month of May. The company uses the specific identification cost formula. Date May Explanation 1 Beginning inventory 8 Sales 13 Purchases 19 Sales Model Taurus F-150 F-150 Mustang Flex Taurus Mustang Mustang Flex Escape Mustang Flex Mustang Serial # C81362 F1883 F1921 G62313 X3892 C81362 G62313 G71811 X4214 E21202 G71891 X4212 G71891 Unit Cost/Price $24,000 24,300 28,800 29,400 31,300 25,200 32,800 30,400 31,000 29,000 27,700 30,000 33,200

FINANCIAL ACCOUNTING
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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(a) 19 Sales 23 Purchases Cost of Goods Sold $ Flex Ending Inventory Mustang F-150 Flex Escape Taurus Escape X4212 G71891 F1921 X3892 E21202 C81528 E28268 Determine the cost of goods sold and ending inventory for the month of May. 30,000 33,200 32,100 33,300 31,600 26,500 29,900
Transcribed Image Text:(a) 19 Sales 23 Purchases Cost of Goods Sold $ Flex Ending Inventory Mustang F-150 Flex Escape Taurus Escape X4212 G71891 F1921 X3892 E21202 C81528 E28268 Determine the cost of goods sold and ending inventory for the month of May. 30,000 33,200 32,100 33,300 31,600 26,500 29,900
Kirk's Sales Ltd., a small Ford dealership, has provided you with the following information with respect to its vehicle inventory for the month of May. The company uses the specific identification cost formula. Date May Explanation 1 Beginning inventory 8 Sales 13 Purchases 19 Sales Model Taurus F-150 F-150 Mustang Flex Taurus Mustang Mustang Flex Escape Mustang Flex Mustang Serial # C81362 F1883 F1921 G62313 X3892 C81362 G62313 G71811 X4214 E21202 G71891 X4212 G71891 Unit Cost/Price $24,000 24,300 28,800 29,400 31,300 25,200 32,800 30,400 31,000 29,000 27,700 30,000 33,200
Transcribed Image Text:Kirk's Sales Ltd., a small Ford dealership, has provided you with the following information with respect to its vehicle inventory for the month of May. The company uses the specific identification cost formula. Date May Explanation 1 Beginning inventory 8 Sales 13 Purchases 19 Sales Model Taurus F-150 F-150 Mustang Flex Taurus Mustang Mustang Flex Escape Mustang Flex Mustang Serial # C81362 F1883 F1921 G62313 X3892 C81362 G62313 G71811 X4214 E21202 G71891 X4212 G71891 Unit Cost/Price $24,000 24,300 28,800 29,400 31,300 25,200 32,800 30,400 31,000 29,000 27,700 30,000 33,200
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