Dupont Ltd uses a periodic inventory system with the specific identification method of cost assignment. $\begin{array}{lrrr}&\text { Date }&\text {Units }&\text {Unit Cost \$}\
\text { Beginning Inventory } & \text { July 1 } & 1000 & 10 \
\text { Purchase } & 10 & 2000 & 11 \
\text { Purchase } & 20 & 1000 & 13
\end{array}$ On 25 July 500 units from beginning inventory and 1500 units from the 10 July purchase were sold.What was the value of ending inventory at 31 July?

Question

Quizplus · Accepted Answer

The ending inventory consists of 500 units from the beginning inventory (500 x $10 = $5,000) and 500 units from the July 20 purchase (500 x $13 = $6,500), totaling $11,500. Additionally, 500 units remain from the July 10 purchase (500 x $11 = $5,500). Therefore, the total ending inventory value is $11,500 + $5,500 = $17,000.

Dupont Ltd Uses a Periodic Inventory System with the Specific