Question
S61 Gardas Equipment has the following items in its inventory on August 1: Serial Number Cost 6X6A1 $ 9,100 6Y6M5 9,300 6B6D8 8,700 6R7R5 10,950
- S61 Gardas Equipment has the following items in its inventory on August 1:
| Serial Number | Cost |
| 6X6A1 | $ 9,100 |
| 6Y6M5 | 9,300 |
| 6B6D8 | 8,700 |
| 6R7R5 | 10,950 |
- The company uses the specific-unit-cost method for costing inventory. During August, it sold units 6X6A1 and 6B6D8 for $15,000 each and purchased unit 6A7M6 for $11,200. What is the value of the ending inventory at August 31?
Ans: Computing ending inventoryspecific-unit-cost method
Ending inventory, $31,450
2 Refer to the information in S61. Calculate the gross margin for the month of August.
Ans: Computing gross marginspecific-unit-cost method
Gross margin, $12,200
S62 Refer to the information in S61. Calculate the gross margin for the month of August.
Ans: Computing gross marginspecific-unit-cost method
Gross margin, $12,200
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Financial Accounting IFRS Principles
Authors: Ilse Lubbe, Goolam Modack, Alex Watson
4th Edition
0199049238, 9780199049233
