A company's inventory records indicate the following data for the month of April: Date Activities April 1 April 7 Beginning inventory Purchase Units Acquired at Cost 750 units @ $36 = $27,000 630 units @ $40 = $25,200 Units Sold at Retail April 11 Sale April 16 Purchase 550 units @ $44 = $24,200 April 22 Sale 1,100 units @ $110 400 units @ $110 The company uses a periodic inventory system. Determine the cost assigned to ending inventory using the specific identification method. Ending inventory consists of 250 units from the April 16 purchase, 80 units from the April 7 purchase, and 100 units from beginning inventory.
A company's inventory records indicate the following data for the month of April: Date Activities April 1 April 7 Beginning inventory Purchase Units Acquired at Cost 750 units @ $36 = $27,000 630 units @ $40 = $25,200 Units Sold at Retail April 11 Sale April 16 Purchase 550 units @ $44 = $24,200 April 22 Sale 1,100 units @ $110 400 units @ $110 The company uses a periodic inventory system. Determine the cost assigned to ending inventory using the specific identification method. Ending inventory consists of 250 units from the April 16 purchase, 80 units from the April 7 purchase, and 100 units from beginning inventory.
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.11E: Inventory Costing Methods VanderMeer Inc. reported the following information for the month of...
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Transcribed Image Text:A company's inventory records indicate the following data for the month of April:
Date
Activities
April 1 Beginning inventory
April 7
Purchase
April 11 Sale
April 16
Purchase
April 22 Sale
Units Acquired at Cost
750 units @ $36 = $27,000
630 units @ $40 = $25,200
550 units @ $44 = $24,200
Units Sold at Retail
1,100 units @ $110
400 units @ $110
The company uses a periodic inventory system. Determine the cost assigned to ending inventory using the specific identification method. Ending
inventory consists of 250 units from the April 16 purchase, 80 units from the April 7 purchase, and 100 units from beginning inventory.
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