Question
A company made the following purchases during the year: Jan. 10 15 units at $360 each Mar. 15 25 units at $390 each Apr. 25
A company made the following purchases during the year:
| Jan. 10 | 15 units at | $360 each |
| Mar. 15 | 25 units at | $390 each |
| Apr. 25 | 10 units at | $420 each |
| July 30 | 20 units at | $450 each |
| Oct. 10 | 15 units at | $480 each |
On December 31, there were 28 units in ending inventory. These 28 units consisted of 1 from the January 10 purchase, 2 from the March 15 purchase, 5 from the April 25 purchase, 15 from the July 30 purchase, and 5 from the October 10 purchase. Using specific identification, calculate the cost of the ending inventory.
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Fundamental Financial Accounting Concepts
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Mark Edmonds, Christopher Edmonds
10th Edition
126015940X, 978-1260159400
