On January 3, Culver Corp. purchased three portable electronic keyboards for $660 each. On January 20, it purchased two more of the same model keyboards for $502 each. During the month, it sold two keyboards; one that Culver purchased on January 3 and one that it purchased on January 20. (a) Calculate the cost of goods sold and ending inventory for the month using specific identification.

Cost of goods sold		$
Ending inventory		$

2. Flounder Corporation sells coffee beans, which are sensitive to price fluctuations. The following inventory information is available for this product at December 31, 2021:

Coffee Bean		Units		Unit Cost			Net Realizable Value
Coffea arabica		16,200 bags		$5.60			$5.55
Coffea robusta		4,500 bags		3.40			3.50

(a)

Calculate Flounders inventory at the lower of cost and net realizable value.

Inventory at the lower of cost and net realizable value