Question

Using MS Excel complete the problems: 1. Using the "Specific Identification" inventory method, calculate: (a) The Ending inventory, (b) The Cost of Goods Sold. Based on the following: Units Date Purchased Unit Cost Ending Inventory 1-Jun 15 $150.00 3 units 1-Oct 25 $175.00 6 units 1-Dec 35 $200.00 9 units

          Using MS Excel complete the problems:
1. Using the "Specific Identification" inventory method, calculate:
(a) The Ending inventory,
(b) The Cost of Goods Sold.
Based on the following:
Units
Date Purchased Unit Cost
Ending Inventory
1-Jun 15 $150.00 3 units
1-Oct 25 $175.00 6 units
1-Dec 35 $200.00 9 units

Using MS Excel complete the problems:
1. Using the "Specific Identification" inventory method, calculate:
(a) The Ending inventory,
(b) The Cost of Goods Sold.
Based on the following:
Units
Date Purchased Unit Cost
Ending Inventory
1-Jun 15 150.00 3 units
1-Oct 25175.00 6 units
1-Dec 35 200.00 9 units

Added by Samantha O.

Horngren’s Cost Accounting

Srikant M. Datar, Madhav V. Rajan 16th Edition

Instant Answer

Solved by Expert Madhur L

Step 1

To do this, multiply the number of units purchased by the unit cost for each purchase. For the 1-Jun purchase: Total cost = 15 units * $150.00/unit = $2,250.00 For the 1-Oct purchase: Total cost = 25 units * $175.00/unit = $4,375.00 For the 1-Dec Show more…

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Using MS Excel, complete the problems: 1. Using the Specific Identification inventory method, calculate: a. The Ending inventory, b. The Cost of Goods Sold. Based on the following: Units Date Purchased Unit Cost Ending Inventory 1-Jun 15 $150.00 3 units 1-Oct 25 $175.00 6 units 1-Dec 35 $200.00 9 units