Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I really dont understand this method. help please! e. Compute the cost of ending inventory using the Specific Identification method For specific identification, the March

I really dont understand this method. help please!

image text in transcribed
e. Compute the cost of ending inventory using the Specific Identification method For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the Date Activities Sold Cost Beginning 1-Mar Linventory 50 5-Mar Purchase 55 9-Mar Sales 420 16-Mar Purchase 50 25-Mar |Purchase 62 29-Mar Sales 160 SPEC ID Date Sales 1-Mar 5-Mar 16-Mar 25-Mar Totals f. Compute the cost of ending inventory using the Weighted Average method Date Activities Units Sold Cost Beginning 1-Mar Linventory 100 50 5-Mar Purchase 400 55 9-Mar | Sales 420 16-Mar Purchase 120 60 25-Mar Purchase 200 62 29-Mar | Sales 160 Average Date Sales 1-Mar 5-Mar 16-Mar 25-Mar Totals g. Compute Gross margin for each inventory costing methods FIFO Units Sold price per unit total sales Cost of Goods Sold Gross Margin Ending Inventory

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

College Accounting Chapters 1- 15

Authors: James A Heintz, Robert W Parry

23rd Edition

1337794767, 9781337794763

More Books

Students also viewed these Accounting questions