You are provided with the following information for Tamarisk, Inc. Tamarisk, Inc. uses the periodic system of
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You are provided with the following information for Tamarisk, Inc. Tamarisk, Inc. uses the periodic system of accounting for its inventory transactions.
March | 1 | Beginning inventory 2,075 liters at a cost of 60¢ per liter. | ||
March | 3 | Purchased 2,430 liters at a cost of 65¢ per liter. | ||
March | 5 | Sold 2,285 liters for $1.10 per liter. | ||
March | 10 | Purchased 3,860 liters at a cost of 72¢ per liter. | ||
March | 20 | Purchased 2,475 liters at a cost of 80¢ per liter. | ||
March | 30 | Sold 5,180 liters for $1.35 per liter. |
(1) | Specific identification method assuming: | ||
(i) | The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,285 liters from the March 3 purchase; and | ||
(ii) | The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 425 liters from March 1; 565liters from March 3; 2,900 liters from March 10; 1,290 liters from March 20. |
Related Book For
Financial Accounting
ISBN: 978-1119305736
10th edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel
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