Date Transactions Units Unit Cost Total Cost Beginning inventory Sale ($125 each) Purchase Sale ($140 each) Purchase Sale ($150 each) Purchase August 1 8 $140 1,120 August 4 August 11 August 13 August 20 August 26 August 29 5 10 130 1,300 8 10 120 1,200 11 10 110 1,100 4,720 For the specific identification method, the August 4 sale consists of rackets from beginning inventory, the August 13 sale consists of rackets from the August 11 purchase, and the August 26 sale consists of one racket from beginning inventory and 10 rackets from the August 20 purchase.

Date Transactions Units Unit Cost Total Cost Beginning inventory Sale ($125 each) Purchase Sale ($140 each) Purchase Sale ($150 each) Purchase August 1 8 $140 1,120 August 4 August 11 August 13 August 20 August 26 August 29 5 10 130 1,300 8 10 120 1,200 11 10 110 1,100 4,720 For the specific identification method, the August 4 sale consists of rackets from beginning inventory, the August 13 sale consists of rackets from the August 11 purchase, and the August 26 sale consists of one racket from beginning inventory and 10 rackets from the August 20 purchase.

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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