36. The following data applies to a particular item of merchandise: On hand at start of...

 

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36. The following data applies to a particular item of merchandise: On hand at start of period 300 $5.10 In purchase 2nd purchase 3rd purchase Number of units available for sale 2,100 On hand at end of period 500 Number of units sold during period 1,600 Of the 1,600 units sold during the period, 300 were from the beginning inventory: 500 from the first purchase; 600 from the second purchase; and 200 from the last purchase. Using the specific identification costing method, the amount of the cost of goods sold would be a. $2,730. b. S8,410. c. SI1,140. d. $13,870. 500 $5.20 $5.30 $5.50 700 600 36. The following data applies to a particular item of merchandise: On hand at start of period 300 $5.10 In purchase 2nd purchase 3rd purchase Number of units available for sale 2,100 On hand at end of period 500 Number of units sold during period 1,600 Of the 1,600 units sold during the period, 300 were from the beginning inventory: 500 from the first purchase; 600 from the second purchase; and 200 from the last purchase. Using the specific identification costing method, the amount of the cost of goods sold would be a. $2,730. b. S8,410. c. SI1,140. d. $13,870. 500 $5.20 $5.30 $5.50 700 600

Answer rating: 100% (QA)

Solution Cost of goods sold FIFO 8390 LIFO 8570 Weighted average 8490 or ... View the full answer