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How to figure out the specific identification method?

Asked Nov 26, 2007, 10:47 AM — 4 Answers
This is what I was given to answer: Use this inventory information for the month of June to answer the following question.

June 1 Beginning inventory 10 units @ $120
5 Purchase 60 units @ $112
14 Sale 40 units
21 Purchase 30 units @ $116
30 Sale 28 units

What is cost of goods sold under the Specific Identification Method?Assuming the periodic method was used
A) More information is needed.
B) $3,704
C) $7,696
D) $7,736

Please help

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4 Answers
student 101's Avatar
student 101 Posts: 54, Reputation: 4
Junior Member
  
#2

Nov 26, 2007, 12:10 PM
Quote:
Originally Posted by sweetkendra
This is what I was given to answer: Use this inventory information for the month of June to answer the following question.

June 1 Beginning inventory 10 units @ $120
5 Purchase 60 units @ $112
14 Sale 40 units
21 Purchase 30 units @ $116
30 Sale 28 units

What is cost of goods sold under the Specific Identification Method?Assuming the periodic method was used
A) More information is needed.
B) $3,704
C) $7,696
D) $7,736

Please help
More info is needed bacause in order to use this method we need to know each item and be able to identified for inventory purposes we do not use this method because is a waste of time . Instead we use lifo fifo and weigth average
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qcmar24's Avatar
qcmar24 Posts: 65, Reputation: 10
Junior Member
  
#3

Nov 26, 2007, 12:47 PM
Quote:
Originally Posted by sweetkendra
This is what I was given to answer: Use this inventory information for the month of June to answer the following question.

June 1 Beginning inventory 10 units @ $120
5 Purchase 60 units @ $112
14 Sale 40 units
21 Purchase 30 units @ $116
30 Sale 28 units

What is cost of goods sold under the Specific Identification Method?Assuming the periodic method was used
A) More information is needed.
B) $3,704
C) $7,696
D) $7,736

Please help
In order for you to do the specific identification method you need to know the specific price for which each unit was sold at.
Then the answer to your Qs is "a" more info is needed
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student 101's Avatar
student 101 Posts: 54, Reputation: 4
Junior Member
  
#4

Nov 26, 2007, 12:51 PM
When a question is answer please do not repeat my answers
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sweetkendra's Avatar
sweetkendra Posts: 37, Reputation: 5
Junior Member
  
#5

Nov 27, 2007, 09:04 AM
Comment on student 101's post
Quote:
Originally Posted by student 101 View Post
Quote:
Originally Posted by sweetkendra
This is what I was given to answer: Use this inventory information for the month of June to answer the following question.

June 1 Beginning inventory 10 units @ $120
5 Purchase 60 units @ $112
14 Sale 40 units
21 Purchase 30 units @ $116
30 Sale 28 units

What is cost of goods sold under the Specific Identification Method?Assuming the periodic method was used
A) More information is needed.
B) $3,704
C) $7,696
D) $7,736

Please help
More info is needed bacause in order to use this method we need to know each item and be able to identified for inventory purposes we do not use this method because is a waste of time . Instead we use lifo fifo and weigth average
Accounting is so hard for me to understand, the answer was extremely helpful, I understood it.
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