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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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U-Save Automotive Group purchased 10 vehicles during the current month. Two trucks were purchased for $20,000 each, two SUVs were purchased for $31,000 each, and six hybrid cars were purchased for $27,000 each. A review of the sales invoices revealed that five of the hybrid cars were sold and both trucks were sold. What is the cost of U-Save’s ending inventory if it uses the specific identification method?

a. $89,000

b. $129,000

c. $135,000

d. $175,000

To determine

Concept introduction:

Specific identification method:

Under this method the cost of goods sold and ending inventory units are identifiable and the cost is calculated accurately for each unit sold and in the inventory.

To calculate:

The cost of ending inventory using the specific identification method.

Explanation

The cost of ending inventory using the specific identification method is calculated as follows:

The items left in the inventory are as follows;

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