Using the specific identification method: Date June 1 July 1 Units purchased 15 Echo Show's 360 45 Echo Show's 360 Cost per unit $275 Ending inventory August 1 60 Echo Show's 360 240 250 12 Echo Show's from August 2 Echo Show's from June 15 Echo Show's from July a. Calculate the cost of ending inventory. Ending inventory b. Calculate the cost of goods sold. Cost of goods sold $ 0

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Using the specific identification method:
Date
June 1
July 1
Units purchased
15 Echo Show's 360
45 Echo Show's 360
Cost per
unit
$275
Ending inventory
August 1
60 Echo Show's 360
240
250
12 Echo Show's from August
2 Echo Show's from June
15 Echo Show's from July
a. Calculate the cost of ending inventory.
Ending inventory
b. Calculate the cost of goods sold.
Cost of goods sold
$
0
Transcribed Image Text:Using the specific identification method: Date June 1 July 1 Units purchased 15 Echo Show's 360 45 Echo Show's 360 Cost per unit $275 Ending inventory August 1 60 Echo Show's 360 240 250 12 Echo Show's from August 2 Echo Show's from June 15 Echo Show's from July a. Calculate the cost of ending inventory. Ending inventory b. Calculate the cost of goods sold. Cost of goods sold $ 0
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