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You are provided with the following information for Tamarisk, Inc. Tamarisk, Inc. uses the periodic system...

You are provided with the following information for Tamarisk, Inc. Tamarisk, Inc. uses the periodic system of accounting for its inventory transactions. March 1 Beginning inventory 2,075 liters at a cost of 60¢ per liter. March 3 Purchased 2,430 liters at a cost of 65¢ per liter. March 5 Sold 2,285 liters for $1.10 per liter. March 10 Purchased 3,860 liters at a cost of 72¢ per liter. March 20 Purchased 2,475 liters at a cost of 80¢ per liter. March 30 Sold 5,180 liters for $1.35 per liter. (1) Specific identification method assuming: (i) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,285 liters from the March 3 purchase; and (ii) The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 425 liters from March 1; 565liters from March 3; 2,900 liters from March 10; 1,290 liters from March 20.

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Answer #1

Cost of goods sold: Specific Identification

Date Units Unit cost Amount
Beginning inventory (1,000+425) 1,425 60 85,500
March 3 (1,285+565) 1,850 65 120,250
March 10 2,900 72 208,800
March 20 1,290 80 103,200
Cost of goods sold 7,465 $517,750

Cost of ending inventory: Specific Identification

Date Unit Unit Cost Amount
Beginning inventory (2,075-1,425) 650 60 39,000
March 3 (2,430-1,850) 580 65 37,700
March 10 (3,860-2,900) 960 72 69,120
March 20 (2,475-1,290) 1,185 80 94,800
Cost of ending inventory 3,375 $240,620
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