Ask Experts Questions for FREE Help !
Ask
    ppp2456's Avatar
    ppp2456 Posts: 3, Reputation: 1
    New Member
     
    #1

    Apr 4, 2011, 08:20 PM
    How to find an assigned ending inventory or specific indification
    Date Activities Units Acquired at Cost Units Sold at Retail
    Jan. 1 Beginning inventory 5 units @ $500/unit
    Jan. 5 Purchase 20 units @ $550/unit
    Jan. 9 Sales 21 units @ $850/unit
    Jan. 18 Purchase 6 units @ $600/unit
    Jan. 25 Purchase 10 units @ $620/unit
    Jan. 29 Sales 8 units @ $950/unit
    Totals 41 units
    29 units

    For specific identification, the January 9 sale consisted of 4 units from beginning inventory and 17 units from the January 5 purchase; the January 29 sale consisted of 2 units from the January 18 purchase and 6 units from the January 25 purchase
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
     
    #2

    Apr 4, 2011, 09:23 PM

    Your Cost of Goods Sold is:
    4 units of Jan 1 inventory @$500 a unit
    17 units from Jan 5 purchase @$550 a unit
    2 units from Jan 18 purchase @$600 a unit
    6 units from Jan 25 purchase @ $620 a unit

    Now you just need to calculate the total cost for each sale and add the totals together to get Cost of Goods Sold.

    To get ending inventory you need to calculate the costs of your beginning inventory plus all your purchases minus your Cost of Goods Sold (calculated above).

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

How to find ending inventory using the average inventory cost method [ 3 Answers ]

The Boxwood Company Sells blankets for $60 each. Purchase 5 units 30$ Purchase 10 units 34$ Purchase 10 units 40$ Sale 3 units Sale 6 units Sale 3 units Assuming that the company uses the perpetual inventory system, determine the ending inventory for the month of May using the average...

How do you find average inventory using only ending inventory and COGS? [ 3 Answers ]

In searching the Internet on a method of how to do this, all examples include beginning inventory and purchases to determine average inventory. I know ending inventory for one year is beginning inventory for the next, but when you don't have information on purchases, how does one arrive at finding...

How to find ending inventory [ 1 Answers ]

Beginning inventory 113000 Purchases 476000 Find ending inventory

How to find ending inventory? [ 1 Answers ]

How do I find ending inventory when I don't have Cost of Goods Sold?:confused:


View more questions Search