Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I'm confused about specific identification. Can you please show your work or where the answers come from? I'd like to fully grasp the concept. Thanks!

I'm confused about specific identification. Can you please show your work or where the answers come from? I'd like to fully grasp the concept. Thanks! Please note-- some of the answers in the table are probably incorrect. Dr. Doolittle starts a merchandising business on December 1 and enters the following three inventory purchases. Dr. Doolitle uses a perpetual inventory system. On December 15, Dr. Doolittle sells 15 units at $20 each. Of the units sold, eight are from the December 7 purchase and seven are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification. image text in transcribed

Specific Identification Goods Available for Sale Cost of Goods # of units unit Available for Sale Cost per Cost of Goods Sold # of Cost Cost of units sold per unit Goods Sold Ending Inventory # of units Cost per Ending in ending unit Inventory inventory 60 Purchases: December 7 December 14 December 21 Total 10 $ 6.00 $ 12.00 10 $ 6.00 $ 10 12.00 0 10 $ 6.00 $ 20 12.00 15 14.00 45 $ 60 240 210 510 60 120 210 390 0 15 14.00 10 $ 60 35 $

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

Connect For Payroll Accounting 2020

Authors: Jeanette Landin

6th Edition

1260943895, 9781260943894

More Books

Students also viewed these Accounting questions

Question

3. Provide unexpected, spontaneous, and genuine praise.

Answered: 1 week ago

Question

It would have become a big deal.

Answered: 1 week ago