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.

Answer rating: 100% (QA)

Cost of Goods Sold COGS and Ending Inventory with Specific Identification Sinc... View the full answer