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  • Feb 13, 2007, 11:19 AM
    stantons
    Specific identification
    How do you calculate specific identificaiton for ending inventory?
  • Feb 13, 2007, 02:24 PM
    Ail Bane
    Quote:
    Originally Posted by stantons
    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.

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