stantons
Feb 13, 2007, 11:19 AM
How do you calculate specific identificaiton for ending inventory?
Ail Bane
Feb 13, 2007, 02:24 PM
How do you calculate specific identificaiton for ending inventory?
I got that problem too. All I know is that no matter how many times you credit/debit merchandise/ cost of goods sold; both should add up to be the same in the journal.
Example:
AR 2600
Sales 2600
COGS 2000
Merch 2000
AR 3450
Sales 3450
COGS 2582
Merch 2582
COGS = Merch = 4582
Is this what you wanted?
I just hate it when examples in the book are easy, then the problems are 10x harder.