Refer to the data for E6 1A However instead of the
Refer to the data for E6-1A. However, instead of the FIFO method, assume Austin’s Jewelers uses the specific-identification method, assuming the following for each sale:
March 11 Sale: 2 units from the beginning inventory, and the rest from the March 7 purchase.
March 19 Sale: all units are from the March 19 purchase.
In E6-1A
Requirements
1. Prepare a perpetual inventory record for the watches on the specific- identification basis to determine the cost of ending inventory and cost of goods sold for the month.
2. Journalize Austin’s Jewelers’ inventory transactions using the perpetual specific-identification method. Assume that all purchases and sales are on account.
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