Perpetual Inventory System: The perpetual inventory system records and updates the inventory after each and every transaction. The inventory balance is updated after each transaction and it is kept up to date at every time. Specific identification method: Under this method the cost of goods sold and ending inventory units are identifiable and the cost is calculated accurately for each unit sold and in the inventory. To Calculate: The Costs assigned to the ending inventory using perpetual inventory Specific identification method

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Chapter 6, Problem 14QS

To determine

Introduction:

Perpetual Inventory System:

The perpetual inventory system records and updates the inventory after each and every transaction. The inventory balance is updated after each transaction and it is kept up to date at every time.

Specific identification method:

Under this method the cost of goods sold and ending inventory units are identifiable and the cost is calculated accurately for each unit sold and in the inventory.

To Calculate:

The Costs assigned to the ending inventory using perpetual inventory Specific identification method

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