Using the specific identification method: Date Units purchased Cost per unit Ending inventory June 1 16 Echo Show’s 360 $ 268 5 Echo Show’s from June July 1 39 Echo Show’s 360 243 18 Echo Show’s from July August 1 55 Echo Show’s 360 233 15 Echo Show’s from August Calculate the cost of ending inventory. Calculate the cost of goods sold.
Using the specific identification method: Date Units purchased Cost per unit Ending inventory June 1 16 Echo Show’s 360 $ 268 5 Echo Show’s from June July 1 39 Echo Show’s 360 243 18 Echo Show’s from July August 1 55 Echo Show’s 360 233 15 Echo Show’s from August Calculate the cost of ending inventory. Calculate the cost of goods sold.
Chapter10: Inventory
Section: Chapter Questions
Problem 6PA: Use the last-in, first-out (LIFO) cost allocation method, with perpetual inventory updating, to...
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Using the specific identification method:
Date | Units purchased | Cost per unit | Ending inventory |
---|---|---|---|
June 1 | 16 Echo Show’s 360 | $ 268 | 5 Echo Show’s from June |
July 1 | 39 Echo Show’s 360 | 243 | 18 Echo Show’s from July |
August 1 | 55 Echo Show’s 360 | 233 | 15 Echo Show’s from August |
-
Calculate the cost of ending inventory.
- Calculate the cost of goods sold.
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