Question
GB, a bookseller, had the following transactions during the month of August 2018 and uses the perpetual inventory system. Aug 1 Bought 10 novels at
GB, a bookseller, had the following transactions during the month of August 2018 and uses the perpetual inventory system.
Aug 1 Bought 10 novels at $30 each
Aug 2 Bought 10 bags at $45 each
Aug 5 Sold 5 novels
Aug 10 Bought 15 pencil cases at $5 each
Aug 21 Sold 3 bags
a) Calculate the value of inventory at each date using the specific identification method. Show the ending inventory for August 2018.
| Date | Purchases | Sales | Balance | ||||||
| Quantity | unit Cost | value | Quantity | unit Cost | value | Quantity | unit Cost | value | |
| Aug 1 | 0 | $0 | $0 | ||||||
| Aug 1 | |||||||||
| Aug 2 | |||||||||
| Aug 5 | |||||||||
| Aug 10 | |||||||||
| Aug 21 | |||||||||
| ending Inventory | |||||||||
b) Calculate the COGS for August.
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