Question
A company had the following purchases during its first year of operations: Jan purchases 10 units st $120 Feb purchases 20 units at $130 May
A company had the following purchases during its first year of operations:
Jan purchases 10 units st $120
Feb purchases 20 units at $130
May purchases 15 units at $140
Sept purchases 12 units at $150
Nov purchases 10 units at $160
On Dec 31, there were 26 units remaining in ending inventory. These 26 units consisted of 2 from Jan,4 from Feb,6 from May,4 from Sept,and 10 from Nov.Using the specific identification method,what is the cost of the ending inventory?
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Fundamental Accounting Principles
Authors: Larson Kermit, Tilly Jensen
Volume I, 14th Canadian Edition
71051503, 978-1259066511, 1259066517, 978-0071051507
