Oriole has the following inventory data: Nov. 1 Inventory 34 units @ $ 6.70 each 8 Purchase
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Oriole has the following inventory data:
Nov. 1 | Inventory | 34 units @ $6.70 each | ||
8 | Purchase | 134 units @ $7.20 each | ||
17 | Purchase | 67 units @ $7.05 each | ||
25 | Purchase | 101 units @ $7.40 each |
A physical count of merchandise inventory on November 30 reveals that there are 112 units on hand. Assuming that the specific identification method is used and that ending inventory consists of 34 units from each of the three purchases and 10 units from the November 1 inventory, cost of goods sold is
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