Exquisite Jewellers purchases chiming clocks from around the world for sale in Canada. According to its records, Exquisite Jewellers had no opening inventory, and had the following purchases and sales of clocks in

Exquisite Jewellers uses the specific identification cost formula. The company uses a perpetual inventory system.
Required:
a. Calculate Exquisite€™s cost of goods sold and ending inventory.
b. What conditions generally must exist for specific identification to be used? Are these met in this case? Explain.
c. Exquisite€™s management are wondering if they could use the weighted-average cost formula, as they figured it would be easier. Is this possible?

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Clock No. Date Purchased Jan. 5 Mar. 15 May 27 July 14 Oct. 24 Dec. 5 Amount Paid $2.150 4,500 4,400 2,400 3,720 1,930 Date Sold Sale Price Mar. 8 $3,800 424 June 16 Aug. 9 6.200 3,350 428 Dec. 24