Ask Experts Questions for FREE Help!
 

Free Answers in 3 Easy Steps

Register Now
3 Steps
 


Ask QuestionsprogressAnswer QuestionsprogressBuild ReputationprogressBecome an Expert
 
At Ask Me Help Desk you can ask questions in any topic and have them answered for free by our experts. To ask questions or participate in answering them you must register for a free account. By registering you will be able to:
  • Get free answers from experts in any of our 300+ topics.
  • Accept money for answers that you provide.
  • Communicate privately with other members (PM).
  • See fewer ads.
  Answer this Question    Ask about Accounting    Ask about another Subject  
 

sweetkendra
Nov 26, 2007, 10:47 AM
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 @<hidden> $120
5 Purchase 60 units @<hidden> $112
14 Sale 40 units
21 Purchase 30 units @<hidden> $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

student 101
Nov 26, 2007, 12:10 PM
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 @<hidden> $120
5 Purchase 60 units @<hidden> $112
14 Sale 40 units
21 Purchase 30 units @<hidden> $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

qcmar24
Nov 26, 2007, 12:47 PM
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 @<hidden> $120
5 Purchase 60 units @<hidden> $112
14 Sale 40 units
21 Purchase 30 units @<hidden> $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

student 101
Nov 26, 2007, 12:51 PM
when a question is answer please do not repeat my answers