Roki Inc.uses the periodic inventory system and has the following data for the month of June:
$$\begin{array} { r l r }
\text { June } & 1\quad \text { On hand, 50 units } @ \$ 15.00 \text { each } & 750.00\
&5\quad \text { Purchased 115 units } \$ 15.10 \text { each } & 1,736.50 \
&14 \quad \text { Purchased } 75 \text { units } @ \$ 15.20 \text { each } &1,140.00 \
&\quad \text { Total cost of goods avalable for sale } &\$ 3,626.50 \
&30\quad \text { On hand, 90 units } & \
&
\end{array}$$

- If the June 30 inventory included 45 units from the June 5 purchase and 45 units from the June 14 purchase,Roki's cost of goods sold for June under the specific identification method would be

Question

Roki Inc.uses the periodic inventory system and has the following data for the month of June:  
$$\begin{array} { r l r } 
\text { June } & 1\quad \text { On hand, 50 units } @ \$ 15.00 \text { each } & 750.00\
&5\quad  \text { Purchased 115 units } \$ 15.10 \text { each } &  1,736.50 \
&14 \quad \text { Purchased } 75 \text { units } @ \$ 15.20 \text { each } &1,140.00  \
&\quad \text { Total cost of goods avalable for sale } &\$ 3,626.50 \
&30\quad \text { On hand, 90 units } &  \ 
&
\end{array}$$

- If the June 30 inventory included 45 units from the June 5 purchase and 45 units from the June 14 purchase,Roki's cost of goods sold for June under the specific identification method would be

Quizplus · Accepted Answer

Under the specific identification method, the cost of goods sold is determined by identifying the specific cost of the items that were sold. Since the question specifies that the inventory at the end of June includes 45 units from the June 5 purchase and 45 units from the June 14 purchase, we need to calculate the cost of goods sold based on the specific costs of the items that were not included in the ending inventory. Without the specific purchase costs and sales details provided in the question, we cannot calculate the exact figures, but the correct answer is based on the specific identification method principle.

Roki IncUses the Periodic Inventory System and Has the Following Data