Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. TransactionsUnitsUnit CostBeginning inventory, January 1 1,300 $40 Transactions during the year: a.Purchase, January 30 2,000 60 b.Sale, March 14 ($100 each) (950) c.Purchase, May 1 700 80 d.Sale, August 31 ($100 each) (1,500) Assuming that for Specific identification method (item 1d) the March 14 sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the sale of August 31 was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1. All i'm looking for is the COGS and ending inventory for Specific Identification thanks!

Name: Gladstone Company tracks the number of units purchased and sold throug
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided th

Hence, COGS is $111,000. It is obtained by addition of sales made on March 14 and August 31 Here,…

Answered: Gladstone Company tracks the number of…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section: Chapter Questions

Problem 3AP

See similar textbooks

Related questions

Concept explainers

Topic Video

Question

Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31.

Transactions	Units	Unit Cost
Beginning inventory, January 1		1,300		$	40
Transactions during the year:
a.	Purchase, January 30		2,000			60
b.	Sale, March 14 ($100 each)		(950	)
c.	Purchase, May 1		700			80
d.	Sale, August 31 ($100 each)		(1,500	)

Assuming that for Specific identification method (item 1d) the March 14 sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the sale of August 31 was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1.

All i'm looking for is the COGS and ending inventory for Specific Identification thanks!

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions