In December, Carrie's Car Emporium purchased the following items: On December 22, the 2015 Honda and 2014
Question:
In December, Carrie's Car Emporium purchased the following items:
On December 22, the 2015 Honda and 2014 Jeep were sold for $16,500 each.
Instructions
(a) Should Carrie's Car Emporium use specific identification or one of the two cost formulas (FIFO or weighted average) instead? Explain.
(b) Calculate ending inventory and cost of goods sold using specific identification.
(c) Prepare the journal entry to record the December 22 sale?
Ending Inventory The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...
Transcribed Image Text:
Date Purchased Description Cost 2014 Red Jeep 2015 Blue Honda 2016 Black Audi 2013 Grey Toyota 2013 Green Range Rover Dec. 12 10 19 20 $15,000 12,000 25,000 18,000 10,000
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a Carries Car Emporium should use the specific identification instead of ...View the full answer
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