Current Attempt in ProgressOn January 3, Pronghorn Corp, purchased three portable electronic keyboards for $590 each. On January 20, it purchased four moreof the same model keyboards for $514 each. During the month, it sold two keyboards; one that Pronghorn purchased on January 3 andone that it purchased on January 20,Calculate the cost of goods sold and ending inventory for the month using specific identification.Cost of goods soldEnding inventory$$ (c)Determine the cost of goods sold and the cost of the ending inventory using the average cost formula. (Use unrounded numbers foraverage cost calculations. Round answers to 2 decimal places. e.g 5.52.)Cost of goods soldCost of the ending inventoryeTextbook and MediaeTextbookeTextbook and Media$Save for Later303115.502147472Assistance UsedIs the gross profit determined in part (b) higher or lower than it would be if Grouper Furniture had used FIFO?The gross profit isAttempts: 1 of 3 usedthan it would be using the FIFO cost method because the cost of the product being purchased isAttempts: 0 of 3 usedSubmit Answer

Name: Current Attempt in ProgressOn January 3, Pronghorn Corp, purchased th
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Description: Current Attempt in ProgressOn January 3, Pronghorn Corp, purchased three portable electronic keyboards for $590 each. On January 20, it purchased four moreof the same model keyboards for $514 each. During the month, it sold two keyboards; one that P

Methods of Valuation of Inventory 1. Weighted Average Cost: Under this method, an average cost of…

Answered: (a) Calculate the cost of goods sold…

Business

Accounting

(a) Calculate the cost of goods sold and ending inventory for the month using specific identification.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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