Chapter $6$

Exploration $6\mathrm{.}1-$ Specific Identification $(10)$

Goal: Practice calculating the value of inventory using the specific identification method.

Instructions: Tables are shown which describe recent purchases of product and recent sales of that product. Using the specific identification method of calculating inventory value, you must calculate the cost of goods sold, the value of the remaining inventory, and the gross profit realized on the goods sold. Enter these values in the table provided.

Weber Inc. bought and sold a particular product in the current year as follows. Calculate cost of goods sold, ending inventory, and gross profit. Use the Specific Identification Method.

Sales were made at a cost $($selling price$)$ of $$146$ dollars per unit.

November

$14$

$61$ Units sold from

$31$ Units sold from

$92$ Total sold on

September

$15$ purchase.

October

$25$ purchase.

November

$14$