The following transactions occurred for the month of July. Date 1-Jul Beginning Balance 3-Jul Purchase 8-Jul...

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The following transactions occurred for the month of July. Date 1-Jul Beginning Balance 3-Jul Purchase 8-Jul Sale 12-Jul Purchase 17-Jul Purchase 23-Jul Sale 31-Jul Purchase Units Cost per Sales Price Total Cost Unit per Unit 24 24 $576 8 21 $168 13 33 5 23 115 12 25 $300 25 35 9 22 198 Requirement: Calculate the Cost of Goods Availabe for Sale, Cost of Goods Sold, Ending inventory, and Gross Profit for the month using the Specific Identifcation method and the additional information below. 25 points If you find yourself getting stuck trying to complete this problem here is a link to a video of me solving a very similar problem. (Ignore any part that refers to My Open Math as these problems are now being done in these Excel spreadsheets.) Perpetual Inventory - Specific Identification - Demo/Example - YouTube Video Instructions for Specific Identification Method: 1) Of the 13 items that were sold on July 8; 12 of them were sold from the beginning inventory and 1 of them were sold from the July 3rd purchase 2) Of the 25 items that were sold on July 23rd; 6 were sold from beginning inventory, 4 were sold from the July 3rd purchase, 4 were sold from the July 12th purchase, and 11 were sold from the July 17th purchase. End of the month totals: Cost of Goods Available for Sale Ending Inventory Total Sales Cost of Goods Sold Gross Profit The following transactions occurred for the month of July. Date 1-Jul Beginning Balance 3-Jul Purchase 8-Jul Sale 12-Jul Purchase 17-Jul Purchase 23-Jul Sale 31-Jul Purchase Units Cost per Sales Price Total Cost Unit per Unit 24 24 $576 8 21 $168 13 33 5 23 115 12 25 $300 25 35 9 22 198 Requirement: Calculate the Cost of Goods Availabe for Sale, Cost of Goods Sold, Ending inventory, and Gross Profit for the month using the Specific Identifcation method and the additional information below. 25 points If you find yourself getting stuck trying to complete this problem here is a link to a video of me solving a very similar problem. (Ignore any part that refers to My Open Math as these problems are now being done in these Excel spreadsheets.) Perpetual Inventory - Specific Identification - Demo/Example - YouTube Video Instructions for Specific Identification Method: 1) Of the 13 items that were sold on July 8; 12 of them were sold from the beginning inventory and 1 of them were sold from the July 3rd purchase 2) Of the 25 items that were sold on July 23rd; 6 were sold from beginning inventory, 4 were sold from the July 3rd purchase, 4 were sold from the July 12th purchase, and 11 were sold from the July 17th purchase. End of the month totals: Cost of Goods Available for Sale Ending Inventory Total Sales Cost of Goods Sold Gross Profit

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To calculate the Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory and Gross Prof... View the full answer