Walstrom Company uses a perpetual inventory system and had the following inventory transactions for June 2021. June 1 Beg. Inventory 50 units @ $14 for $700, on June 4 Purchased 115 units @ $15 for $1,725, on June 5 Sold 100 units, on June 10 Purchased 75 units @ $16 for $1,200, and on June 24 Sold 50 units. Total Cost of Goods Available for Sale equals $3,625. The June 30th Ending Inventory is 90 units. The June 30th ending inventory included 45 units from the June 1st beginning inventory and 45 units from the June 10th purchase. What is the cost of ending inventory under the Specific Identification method? A. $1,359 B. $1,395 C. $1,375 D. $1,350
Walstrom Company uses a perpetual inventory system and had the following inventory transactions for June 2021. June 1 Beg. Inventory 50 units @ $14 for $700, on June 4 Purchased 115 units @ $15 for $1,725, on June 5 Sold 100 units, on June 10 Purchased 75 units @ $16 for $1,200, and on June 24 Sold 50 units. Total Cost of Goods Available for Sale equals $3,625. The June 30th Ending Inventory is 90 units. The June 30th ending inventory included 45 units from the June 1st beginning inventory and 45 units from the June 10th purchase. What is the cost of ending inventory under the Specific Identification method? A. $1,359 B. $1,395 C. $1,375 D. $1,350
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 12RE: Carla Company uses the perpetual inventory system. The following information is available for...
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Walstrom Company uses a perpetual inventory system and had the following inventory transactions for June 2021. June 1 Beg. Inventory 50 units @ $14 for $700, on June 4 Purchased 115 units @ $15 for $1,725, on June 5 Sold 100 units, on June 10 Purchased 75 units @ $16 for $1,200, and on June 24 Sold 50 units. Total Cost of Goods Available for Sale equals $3,625. The June 30th Ending Inventory is 90 units. The June 30th ending inventory included 45 units from the June 1st beginning inventory and 45 units from the June 10th purchase. What is the cost of ending inventory under the Specific Identification method?
- A. $1,359
- B. $1,395
- C. $1,375
- D. $1,350
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