In July, Unique Jewels Company purchased the following items: On July 22, one ring from the July 2 purchase was sold for $19,500 and 2 rings from the July 20 purchase were sold for $1,520 each. All sales and purchases are made on credit.
Instructions
a. Calculate ending inventory and cost of goods sold using specific identification.
b. Prepare the journal entry to record the July 22 sale.

Question

In July, Unique Jewels Company purchased the following items:  On July 22, one ring from the July 2 purchase was sold for $19,500 and 2 rings from the July 20 purchase were sold for $1,520 each. All sales and purchases are made on credit.
Instructions 
a. Calculate ending inventory and cost of goods sold using specific identification.
b. Prepare the journal entry to record the July 22 sale.

Quizplus · Accepted Answer

The Answer of In July, Unique Jewels Company purchased the following items:  On July 22, one ring from the July 2 purchase was sold for $19,500 and 2 rings from the July 20 purchase were sold for $1,520 each. All sales and purchases are made on credit.
Instructions 
a. Calculate ending inventory and cost of goods sold using specific identification.
b. Prepare the journal entry to record the July 22 sale.

In July, Unique Jewels Company Purchased the Following Items