Practical Business Math Procedures with Business Math Handbook
12th Edition
ISBN: 9781259725067
Author: Jeffrey Slater, Sharon M. Wittry
Publisher: McGraw-Hill Education
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Chapter 18, Problem 1ECP
(a)
To determine
The ending inventory by specific identification method for goods available for sale.
(a)
Expert Solution
Answer to Problem 1ECP
The cost of ending inventory is
Explanation of Solution
Tabulate the given data as shown below.
| Date | Units purchased | Unit cost | Total cost |
| March 1 | 15 Xbox’s 360 | $275 | 4125 |
| April 1 | 45 Xbox’s 360 | $250 | 11250 |
| May 1 | 60 Xbox’s 360 | $240 | 14400 |
| Goods available for sale | 120 | 29,775 | |
From the table;
The number of units available for sale
The cost of goods available for sale
The calculation of cost of ending inventory is shown below.
| Ending inventory | Unit cost | Total cost |
| 2 Xbox’s from March | $275 | $550 |
| 15 Xbox’s from April | $250 | 3750 |
| 12 Xbox’s from May | $240 | 2880 |
| Cost of ending inventory | 7180 | |
Hence, cost of ending inventory is
(b)
To determine
The cost of goods sold by specific identification method for goods available for sale.
(b)
Expert Solution
Answer to Problem 1ECP
The cost of goods sold is
Explanation of Solution
Tabulate the given data as shown below.
| Date | Units purchased | Unit cost | Total cost |
| March 1 | 15 Xbox’s 360 | $275 | 4125 |
| April 1 | 45 Xbox’s 360 | $250 | 11250 |
| May 1 | 60 Xbox’s 360 | $240 | 14400 |
| Goods available for sale | 120 | 29,775 | |
From the table;
The number of units available for sale
The cost of goods available for sale
The calculation of cost of ending inventory is shown below.
| Ending inventory | Unit cost | Total cost |
| 2 Xbox’s from March | $275 | $550 |
| 15 Xbox’s from April | $250 | 3750 |
| 12 Xbox’s from May | $240 | 2880 |
| Cost of ending inventory | 7180 |
cost of ending inventory
Hence, cost of goods sold is
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May I please have the solutions for the following examples? Thank you
Chapter 18 Solutions
Practical Business Math Procedures with Business Math Handbook
Ch. 18.1 - From the following, calculate (a) the cost of...Ch. 18.1 - Prob. 2PQCh. 18.1 - Prob. 3PQCh. 18.1 - Prob. 1EPQCh. 18.1 - Prob. 2EPQCh. 18.1 - Prob. 3EPQCh. 18.1 - Prob. 1AHCh. 18.1 - Prob. 2AHCh. 18.1 - Prob. 3AHCh. 18.1 - Prob. 4AH
Ch. 18.1 - Prob. 5AHCh. 18.1 - Prob. 6AHCh. 18.1 - Prob. 7AHCh. 18.1 - Prob. 8AHCh. 18.1 - Prob. 9AHCh. 18.1 - Prob. 10AHCh. 18.1 - Prob. 11AHCh. 18.2 - Prob. 1PQCh. 18.2 - Prob. 2PQCh. 18.2 - Calculate the inventory turnover at cost and at...Ch. 18.2 - Prob. 4PQCh. 18.2 - Prob. 1EPQCh. 18.2 - Prob. 2EPQCh. 18.2 - Prob. 3EPQCh. 18.2 - Prob. 4EPQCh. 18.2 - Prob. 1AHCh. 18.2 - Prob. 2AHCh. 18.2 - Prob. 3AHCh. 18.2 - Prob. 4AHCh. 18.2 - Prob. 5AHCh. 18.2 - Prob. 6AHCh. 18.2 - Prob. 7AHCh. 18.2 - Prob. 8AHCh. 18.2 - Prob. 9AHCh. 18.2 - Prob. 10AHCh. 18.2 - Prob. 11AHCh. 18.2 - Prob. 12AHCh. 18.2 - Prob. 13AHCh. 18.2 - Prob. 14AHCh. 18.2 - Prob. 15AHCh. 18 - Prob. 1ECPCh. 18 - Prob. 2ECPCh. 18 - Prob. 3ECPCh. 18 - Prob. 4ECPCh. 18 - Prob. 5ECPCh. 18 - Prob. 6ECPCh. 18 - Prob. 7ECPCh. 18 - Prob. 8ECPCh. 18 - From the following, (18–5 to 18–12) calculate the...Ch. 18 - Prob. 10ECPCh. 18 - Prob. 11ECPCh. 18 - Prob. 12ECPCh. 18 - Prob. 13ECPCh. 18 - Prob. 14ECPCh. 18 - Prob. 15ECPCh. 18 - Prob. 16ECPCh. 18 - Prob. 17ECPCh. 18 - Prob. 18ECPCh. 18 - Prob. 19ECPCh. 18 - Prob. 20ECPCh. 18 - Prob. 21ECPCh. 18 - Prob. 22ECPCh. 18 - Prob. 23ECPCh. 18 - Prob. 24ECPCh. 18 - Prob. 25ECPCh. 18 - Prob. 26ECPCh. 18 - Prob. 27ECPCh. 18 - Prob. 28ECPCh. 18 - Prob. 29ECPCh. 18 - Prob. 30ECPCh. 18 - Prob. 1PTCh. 18 - Prob. 2PTCh. 18 - Prob. 3PTCh. 18 - Dollar Dress Shop’s inventory at cost on January 1...Ch. 18 - Prob. 5PT
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