Specific identification method_Inventory valuation
Question # 00005247
Posted By:
Updated on: 12/12/2013 11:55 PM Due on: 12/31/2014
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A company had the following purchases during the current year: |
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January: |
18 units at $128 |
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February: |
28 units at $138 |
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May: |
23 units at $148 |
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September: |
20 units at $158 |
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November: |
18 units at $168 |
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On December 31, there were 58 units remaining in ending inventory. These 58 units consisted of 10 from January, 12 from February, 14 from May, 12 from September, and 10 from November. Using the specific identification method, what is the cost of the ending inventory? |
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$= 6,928. |
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$7,004. |
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$8,584. |
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$8,752. |
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$8,416. |
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Solution: Specific identification method_Inventory valuation