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Tony Merchandise Company has the following information for the month of February:
Feb. 2
Beginning inventory
20
units
@
$12
per unit
Feb. 5
Purchase
$16
Feb. 8
Sale
12
Feb. 21
$18
Feb. 25
14
Answer the following questions for Tony Merchandise Company:
Ted's Used Cars uses the specific identification method of costing inventory. During March, Ted purchased three cars for $6,000, $7,500, and $9,750, respectively. During March, two cars are sold for $9,000 each.
Specific identification method (62 of the units sold were purchased on April 9, and the remaining units were purchased on May 1).
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