Question: & Explanation Solved by AI Specific Identification Method To calculate the cost of ending inventory and the cost of goods sold (COGS) using the specific

& Explanation Solved by AI Specific Identification Method To calculate the cost of ending inventory and the cost of goods sold (COGS) using the specific identification method, you select the specific costs for the units sold and the units still in inventory. According to the problem, the ending inventory consists of 30 units from the August 8 purchase and 25 units from the August 22 purchase. Given: August 8 Purchase: 50 units @ $11 per unit August 22 Purchase: 35 units @ $12 per unit Ending Inventory: Total 55 units = 30 units from Aug 8, 25 units from Aug 22 Ending Inventory Calculation: From August 8: 30 , units $ 11 / unit = $ 330 30,units$11/unit=$330 From August 22: 25 , units $ 12 / unit = $ 300 25,units$12/unit=$300 The cost of the ending inventory is: $ 330 + $ 300 = $ 630 $330+$300=$630 Goods Available for Sale Total Cost of Goods Available for Sale = $1,370 Cost of Goods Sold COGS = Total Cost of Goods Available for Sale Ending Inventory COGS=Total Cost of Goods Available for SaleEnding Inventory COGS = $ 1 , 370 $ 630 = $ 740

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