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    d372010's Avatar
    d372010 Posts: 2, Reputation: 1
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    #1

    Jul 31, 2010, 05:09 AM
    Find the cost of goods sold under the specific identification method
    1Beginning inventory 10 units @ $120
    2purchase 60 units @ 112
    3 Sales 40 units
    4 Purchase 30 @ 116
    5 Sales 28 units

    What is the cost of good sales under the specific identification method

    a)3704

    b)7696

    c)7736

    Can you please help me out?
    d372010's Avatar
    d372010 Posts: 2, Reputation: 1
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    #2

    Jul 31, 2010, 05:31 AM

    Can I please get some help?
    Just_Another_Lemming's Avatar
    Just_Another_Lemming Posts: 437, Reputation: 211
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    #3

    Jul 31, 2010, 05:41 AM

    d, I am sorry but the rules here forbid us to give answers to anyone with homework questions.
    But I will try to explain this so that you can work it out for yourself.

    This really is a simple multiplication, addition and subtraction exercise.

    Break it down. Take each line separately.

    If it helps, replace the word "unit" with "xbox" or something that you can relate to (diamond earrings, cars,. ). So, for the first question: 10 "xboxes" @ $120 each is ? You fill in the blank.

    Second question: purchase = addition

    Third question: sale = subtraction

    and so on.

    Once you have the answer for each line (question), add and subtract as the question directs and you will have the final answer you need.
    Just_Another_Lemming's Avatar
    Just_Another_Lemming Posts: 437, Reputation: 211
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    #4

    Jul 31, 2010, 06:08 AM

    BTW, d, regarding the specific identification method and all the other terminology you are encountering in your class, you really need to understand the definitions in order to find the answer. You really need to reread the chapter in your textbook to help you out with this. If you don't have it available, these links will help you:
    Principles of Accounting Chapter 8

    http://www.know-accounting.com/gloss...l=s&termid=324
    FlyYakker's Avatar
    FlyYakker Posts: 378, Reputation: 41
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    #5

    Jul 31, 2010, 10:31 AM
    You also need to be able to read what subject matter is to be addressed under this area of the web site. This is a science area. If you don't know the difference, you have real problems way beyond the one you asked us to solve.
    FlyYakker's Avatar
    FlyYakker Posts: 378, Reputation: 41
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    #6

    Jul 31, 2010, 10:31 AM
    You also need to be able to understand what subject matter is to be addressed under this area of the web site. This is a science area. If you don't know the difference, you have real problems way beyond the one you asked us to solve.
    Just_Another_Lemming's Avatar
    Just_Another_Lemming Posts: 437, Reputation: 211
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    #7

    Jul 31, 2010, 01:48 PM

    LOL Flyyakker!

    I wasn't surprised. "d" isn't even trying to figure this out on his own. I was hoping he would come back after my first post and ask me if the FIFO/LIFO rules apply showing me that he is at least making some sort of attempt to figure it out.
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