Reference no: EM133140216
Questions -
Q1. Calculate the cost of goods sold and ending inventory using the specific identification method.
On December 1, Discount Electronics has three Blu-Ray players left in stock. All are identical and priced to sell at $750. Of the three Blu-Ray players left in stock, one with serial #1012 was purchased on June 1 at a cost of $500, another with a serial #1045 was purchased on November 1 for $450. The last player, serial #1056, was purchased on November 30 for $400.
Customers purchased two of the three Blu-Ray players. Serial #1045 is the only Blu-Ray player left in stock.
Q2. Calculate the cost of goods available for sale, cost of goods sold, and ending inventory using FIFO, LIFO, and the average cost method.
Choi Company had a beginning inventory on January 1 of 100 units of Product SXL, at a cost of $20 per unit. During the year the following purchases were made:
Mar. 15 300 units @ $24
July 20 200 units @ $25
Sept 4 300 units @ $28
Dec 2 100 units @ $30
By the end of the year, 750 units were sold. Choi Company uses the periodic inventoy system.
Q3. Fill in the missing numbers for the Cost of Goods Sold section for four different companies.
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