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A company's inventory records show the following data for the month of December. Date Activities Units Acquired at Cost Units Sold at Retail December 1
A company's inventory records show the following data for the month of December. Date Activities Units Acquired at Cost Units Sold at Retail December 1 Beginning inventory 710 units @ $36 = $25,560 December 8 Purchase 590 units @ $40 = $23,600 December 11 Sale 910 units @ $70 December 13 Purchase 510 units @ $44 = $22,440 December 24 Purchase 490 units @ $50 = $24,500 December 30 Sale 610 units @ $71 Determine the cost assigned to ending inventory using the specific identification method. Ending inventory consists of 255 units from the December 24 purchase, 205 units from the December 13 purchase, 215 units from the December 8 purchase, and 105 units from beginning inventory
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