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Concept explainers
(a)
The ending inventory by specific identification method for goods available for sale.
(a)
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Answer to Problem 1ECP
The cost of ending inventory is
Explanation of Solution
Tabulate the given data as shown below.
Date | Units purchased | Unit cost | Total cost |
March 1 | 15 Xbox’s 360 | $275 | 4125 |
April 1 | 45 Xbox’s 360 | $250 | 11250 |
May 1 | 60 Xbox’s 360 | $240 | 14400 |
Goods available for sale | 120 | 29,775 |
From the table;
The number of units available for sale
The cost of goods available for sale
The calculation of cost of ending inventory is shown below.
Ending inventory | Unit cost | Total cost |
2 Xbox’s from March | $275 | $550 |
15 Xbox’s from April | $250 | 3750 |
12 Xbox’s from May | $240 | 2880 |
Cost of ending inventory | 7180 |
Hence, cost of ending inventory is
(b)
The cost of goods sold by specific identification method for goods available for sale.
(b)
![Check Mark](/static/check-mark.png)
Answer to Problem 1ECP
The cost of goods sold is
Explanation of Solution
Tabulate the given data as shown below.
Date | Units purchased | Unit cost | Total cost |
March 1 | 15 Xbox’s 360 | $275 | 4125 |
April 1 | 45 Xbox’s 360 | $250 | 11250 |
May 1 | 60 Xbox’s 360 | $240 | 14400 |
Goods available for sale | 120 | 29,775 |
From the table;
The number of units available for sale
The cost of goods available for sale
The calculation of cost of ending inventory is shown below.
Ending inventory | Unit cost | Total cost |
2 Xbox’s from March | $275 | $550 |
15 Xbox’s from April | $250 | 3750 |
12 Xbox’s from May | $240 | 2880 |
Cost of ending inventory | 7180 |
cost of ending inventory
Hence, cost of goods sold is
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Chapter 18 Solutions
Practical Business Math Procedures with Business Math Handbook
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