During 2015,a company sells 200 units of inventory for $50 each.The company has the following inventory purchase transactions for 2015:
Actual sales by the company include its entire beginning inventory,80 units of inventory from the May 5 purchase,and 70 units from the November 3 purchase.Calculate cost of goods sold and ending inventory for 2015 assuming the company uses specific identification.

Question

During 2015,a company sells 200 units of inventory for $50 each.The company has the following inventory purchase transactions for 2015:
  Actual sales by the company include its entire beginning inventory,80 units of inventory from the May 5 purchase,and 70 units from the November 3 purchase.Calculate cost of goods sold and ending inventory for 2015 assuming the company uses specific identification.

Quizplus · Accepted Answer

The Answer of During 2015,a company sells 200 units of inventory for $50 each.The company has the following inventory purchase transactions for 2015:
  Actual sales by the company include its entire beginning inventory,80 units of inventory from the May 5 purchase,and 70 units from the November 3 purchase.Calculate cost of goods sold and ending inventory for 2015 assuming the company uses specific identification.

During 2015,a Company Sells 200 Units of Inventory for $50