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Using the specific identification method: Date Units purchased Cost per unit Ending inventory March 1 15...

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Finance

Using the specific identification method: Date Units purchasedCost per unit Ending inventory March 1 15 Xbox?s 360 $ 275 2 Xbox?sfrom March April 1 45 Xbox?s 360 250 15 Xbox?s from April May 1 60Xbox?s 360 240 12 Xbox?s from May

a. Calculate the ending inventory.Ending inventory $:

b. Calculate the cost of goods sold. Cost of goods sold $:

Answer & Explanation Solved by verified expert
3.8 Ratings (447 Votes)

Ans. Specific Identification:
Available for sale Cost of goods sold Ending inventory
Purchase date Units Rate Cost Units Rate Cost Units Rate Cost
1-Mar 15 $275 $4,125 13 $275 $3,575 2 $275 $550
1-Apr 45 $250 $11,250 30 $250 $7,500 15 $250 $3,750
1-May 60 $240 $14,400 48 $240 $11,520 12 $240 $2,880
Total $29,775 Cost of goods sold $22,595 Ending inventory $7,180
Ending Inventory $7,180
Cost of goods sold $22,595
Units sold =   Units available for sale - Ending inventory units
*Calculations:
Date Units available Ending inventory Sold units
(a) units (b) (a - b)
1-Mar 15 2 13
1-Apr 45 15 30
1-May 60 12 48

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Transcribed Image Text

Using the specific identification method: Date Units purchasedCost per unit Ending inventory March 1 15 Xbox?s 360 $ 275 2 Xbox?sfrom March April 1 45 Xbox?s 360 250 15 Xbox?s from April May 1 60Xbox?s 360 240 12 Xbox?s from Maya. Calculate the ending inventory.Ending inventory $:b. Calculate the cost of goods sold. Cost of goods sold $:

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