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Kingbird has the following inventory data: Nov. 1 Inventory 34 units @ $6.80 each 8 Purchase 137 units @ $7.35 each 17 Purchase 68 units
Kingbird has the following inventory data:
Nov. 1 | Inventory | 34 units @ $6.80 each | ||
8 | Purchase | 137 units @ $7.35 each | ||
17 | Purchase | 68 units @ $7.20 each | ||
25 | Purchase | 103 units @ $7.50 each |
A physical count of merchandise inventory on November 30 reveals that there are 114 units on hand. Assuming that the specific identification method is used and that ending inventory consists of 34 units from each of the three purchases and 12 units from the November 1 inventory, cost of goods sold is
$1023.
$1669.
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