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Cornerstones of Financial Accounti...
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Cornerstones of Financial Accounti...
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
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.
The cost of ending inventory using the specific identification method is calculated as follows:
The items left in the inventory are as follows;
Chapter 6 Solutions
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