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Dean's Sales Ltd., a small Ford dealership, has provided you with the following information with respect to its vehicle inventory for the month of April.
Dean's Sales Ltd., a small Ford dealership, has provided you with the following information with respect to its vehicle inventory for the month of April. The company uses the specific identification cost formula.
Date | Explanation | Model | Serial # | Unit Cost/Price | ||||||
April | 1 | Beginning inventory | Focus | C81362 | $24,700 | |||||
F-150 | F1883 | 24,900 | ||||||||
F-150 | F1921 | 28,200 | ||||||||
Mustang | G62313 | 29,300 | ||||||||
Flex | X3892 | 31,900 | ||||||||
8 | Sales | Focus | C81362 | 25,300 | ||||||
Mustang | G62313 | 31,400 | ||||||||
12 | Purchases | Mustang | G71811 | 30,100 | ||||||
Flex | X4214 | 30,100 | ||||||||
Escape | E21202 | 28,300 | ||||||||
Mustang | G71891 | 28,400 | ||||||||
Flex | X4212 | 30,100 | ||||||||
18 | Sales | Mustang | G71891 | 32,100 | ||||||
F-150 | F1921 | 31,500 | ||||||||
Flex | X3892 | 33,200 | ||||||||
Escape | E21202 | 31,700 | ||||||||
23 | Purchases | Focus | C81528 | 26,500 | ||||||
Escape | E28268 | 29,700 |
Determine the cost of goods sold and ending inventory for the month of April.
Cost of Goods Sold | $ | ||
Ending Inventory | $ |
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