Question
A company had the following purchases during its first year of operations: Purchases January: 26 units at $113 February: 36 units at $124 May: 31
A company had the following purchases during its first year of operations:
| Purchases | |
| January: | 26 units at $113 |
| February: | 36 units at $124 |
| May: | 31 units at $136 |
| September: | 28 units at $144 |
| November: | 26 units at $154 |
On December 31, there were 48 units remaining in ending inventory. These 48 units consisted of 8 from January, 9 from February, 13 from May, 7 from September, and 11 from November. Using the specific identification method, what is the cost of the ending inventory?
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Contemporary Auditing
Authors: Knapp, Rittenberg
1st Edition
1133731244, 978-1133731245
