Question: Transactions Units Unit Cost Beginning inventory, January 1, 2012 2, 800 $ 60 Transactions during 2012: a. Purchase, January 30 4,250 $ 74 b. Sale,

Transactions Units Unit Cost

Beginning inventory, January 1, 2012 2, 800 $ 60

Transactions during 2012:

a. Purchase, January 30 4,250 $ 74

b. Sale, March 14 ($100 each) (2,450 )

c. Purchase, May 1 2,950 $90

d. Sale, August 31($100 each) (2,900 )

Assuming that for Specific identification method (item 1d) the March 14, 2012, sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30, 2012. Assume that the sale of August 31, 2012, was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1, 2012. What is the cost of goods sold and the ending inventory with the specific identification method?

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