**Using the Specific Identification Method:**| Date | Units Purchased | Cost per Unit | Ending Inventory ||----------|-----------------------------|---------------|--------------------------------|| June 1 | 11 Echo Show's 360 | $273 | 5 Echo Show's from June || July 1 | 36 Echo Show's 360 | $248 | 15 Echo Show's from July || August 1 | 67 Echo Show's 360 | $238 | 12 Echo Show's from August |**a. Calculate the cost of ending inventory.**| Ending Inventory | [Input Box] |**b. Calculate the cost of goods sold.**| Cost of Goods Sold | [Input Box] |

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a. Calculate the cost of ending inventory. Ending inventory . Calculate the cost of goods sold.

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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Question

**Using the Specific Identification Method:**

| Date | Units Purchased | Cost per Unit | Ending Inventory |
|----------|-----------------------------|---------------|--------------------------------|
| June 1 | 11 Echo Show's 360 | $273 | 5 Echo Show's from June |
| July 1 | 36 Echo Show's 360 | $248 | 15 Echo Show's from July |
| August 1 | 67 Echo Show's 360 | $238 | 12 Echo Show's from August |

**a. Calculate the cost of ending inventory.**

| Ending Inventory | [Input Box] |

**b. Calculate the cost of goods sold.**

| Cost of Goods Sold | [Input Box] |

Expert Solution

Step 1

WORKING NOTE- TO CALCULATE ENDING INVENTORY AND COST OF GOODS SOLD

Date	Purchased Quantity(Echo shows 360)(A)	Units sold out of purchased quantity(B=A-C)	Ending inventory (Echo shows360)(C )	Price($)(D)	Ending inventory ( in amt)(C*D)	Cost of goods sold(B*D)
01-Jun	11	6	5	273	1365	1638
01-Jul	36	21	15	248	3720	5208
01-Aug	67	55	12	238	2856	13090
					7941	19936

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