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.

Transcribed Image Text:

Date Mar 1 Balance Item QuantityUnit Cost 96 S 98 7 Purchase 11 Sale 19 Purchase 28 Sale 10 12 15 10 $104