During 2018, a company sells 200 units of inventory for $50 each. The company has the following
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During 2018, a company sells 200 units of inventory for $50 each. The company has the following inventory purchase transactions for 2018:
Date Transaction Number of Units Unit Cost Total Cost
Jan. 1 Beginning inventory 50 $ 39 $ 1,950
May. 5 Purchase 100 38 3,800
Nov. 3 Purchase 80 37 2,960 230 $ 8,710 Actual sales by the company include its entire beginning inventory, 80 units of inventory from the May 5 purchase, and 70 units from the November 3 purchase. Calculate cost of goods sold and ending inventory for 2018 assuming the company uses specific identification.
Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
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