Question
A company had the following purchases during its first year of operations: Purchases January: 11 units at $121 February: 21 units at $131 May: 16
A company had the following purchases during its first year of operations:
| Purchases | |
| January: | 11 units at $121 |
| February: | 21 units at $131 |
| May: | 16 units at $141 |
| September: | 13 units at $151 |
| November: | 11 units at $161 |
On December 31, there were 31 units remaining in ending inventory. These 31 units consisted of 3 from January, 5 from February, 7 from May, 5 from September, and 11 from November. Using the specific identification method, what is the cost of the ending inventory?
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Cost of the Ending Inventory Ending Inventor...
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Fundamental accounting principle
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
21st edition
1259119831, 9781259311703, 978-1259119835, 1259311708, 978-0078025587
