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-   -   How to find an assigned ending inventory or specific indification (https://www.askmehelpdesk.com/showthread.php?t=568047)

  • Apr 4, 2011, 08:20 PM
    ppp2456
    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
  • Apr 4, 2011, 09:23 PM
    pready

    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).

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