Using the specific identification method:DateJune 1July 1August 1Units purchased11 Echo Show's 36036 Echo Show's 36067 Echo Show's 360a. Calculate the cost of ending inventory.Ending inventoryb. Calculate the cost of goods sold.Cost of goods soldCost perunit$ 273248238Ending inventory5 Echo Show's from June15 Echo Show's from July12 Echo Show's from August

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

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

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 41BE: ( Appendix 6B) Inventory Costing Methods: Periodic Inventory Systems. Refer to the information for...

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Question

Using the specific identification method:
Date
June 1
July 1
August 1
Units purchased
11 Echo Show's 360
36 Echo Show's 360
67 Echo Show's 360
a. Calculate the cost of ending inventory.
Ending inventory
b. Calculate the cost of goods sold.
Cost of goods sold
Cost per
unit
$ 273
248
238
Ending inventory
5 Echo Show's from June
15 Echo Show's from July
12 Echo Show's from August

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