A company had the following purchases during its first year of operations:

  

	Purchases
January:	11 units at $121
February:	21 units at $131
May:	16 units at $141
September:	13 units at $151
November:	11 units at $161

 
On December 31, there were 31 units remaining in ending inventory. These 31 units consisted of 3 from January, 5 from February, 7 from May, 5 from September, and 11 from November. Using the specific identification method, what is the cost of the ending inventory?

Answer rating: 100% (QA)

Cost of the Ending Inventory Ending Inventor... View the full answer