146Using the specific identification method:DateJune 1July 1August 1a. Calculate the cost of ending inventory.Units purchased15 Echo Show's 36037 Echo Show's 36061 Echo Show's 360Ending inventoryb. Calculate the cost of goods sold.Cost of goods soldCost perunit$ 260235225Ending inventory6 Echo Show's from June11 Echo Show's from July8 Echo Show's from August

Specific identification method helps the business keep track of every item of the inventory used in…

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. Calculate the cost of ending inventory. Ending inventory . Calculate the cost of goods sold. Cost of goods sold 3

Cornerstones of Financial Accounting

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Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 32CE: ( Appendix 6B) Inventory Costing Methods: Periodic Average Cost Refer to the information for...

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Question

14
6
Using the specific identification method:
Date
June 1
July 1
August 1
a. Calculate the cost of ending inventory.
Units purchased
15 Echo Show's 360
37 Echo Show's 360
61 Echo Show's 360
Ending inventory
b. Calculate the cost of goods sold.
Cost of goods sold
Cost per
unit
$ 260
235
225
Ending inventory
6 Echo Show's from June
11 Echo Show's from July
8 Echo Show's from August

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