Majik Carpet Company sells its carpet inventory using a perpetual inventory system. Its inventory opening balances, purchases and sales activity for the month of June, 2020 follows:
Majik Carpet uses the specific identification method when assigning costs to ending inventory.
-Calculate the cost of goods sold for June and the ending inventory balance at June 30, 2020.

Question

Majik Carpet Company sells its carpet inventory using a perpetual inventory system. Its inventory opening balances, purchases and sales activity for the month of June, 2020 follows:
  Majik Carpet uses the specific identification method when assigning costs to ending inventory.
-Calculate the cost of goods sold for June and the ending inventory balance at June 30, 2020.

Quizplus · Accepted Answer

The Answer of Majik Carpet Company sells its carpet inventory using a perpetual inventory system. Its inventory opening balances, purchases and sales activity for the month of June, 2020 follows:
  Majik Carpet uses the specific identification method when assigning costs to ending inventory.
-Calculate the cost of goods sold for June and the ending inventory balance at June 30, 2020.

Majik Carpet Company Sells Its Carpet Inventory Using a Perpetual