Question

using the specific indication inventory method calculate the ending inventory the cost of good sold based on the following

please gelp in excel pleasa

1. Using the "Specific Identification" inventory method, calculate: (a) The Ending inventory, (b) The Cost of Goods Sold. Based on the following: Units Date Purchased Unit Cost 1-Jun 15 $150.00 1-Oct 25 $175.00 1-Dec 35 $200.00 Ending Inventory 3 units 6 units 9 units 2. From the following information: Units Date Purchased Unit Cost Total Cost 1-Jan 40 $4.00 $160.00 $160.00 1-Apr 60 $7.00 $420.00 $420.00 1-Jun 50 $8.00 $400.00 $400.00 1-Nov 55 $9.00 $495.00 $495.00 • Ending Inventory is 61 units. Using the following methods; 1. Weighted Average 2. FIFO 3. LIFO Calculate: (a) the Cost of Ending inventory (b) the Cost of Goods Sold 3. Given the following information, calculate the estimated Cost of Ending inventory using the Gro! Profit Method. Gross Profit Margin Beginning Inventory Net Purchases Net Retail Sales 55% $ 29,000.00 $ 3,900.00 $ 17,000.00

Answer 1

Problem 1 – Specific Identification

Ending inventory units from the purchases are given in the question.

Specific Identification	Cost of Goods Available for Sale			Cost of Goods Sold			Ending Inventory
	# of units	Cost per unit	Cost of Goods Available for sale	# of units	Cost per unit	Cost of goods sold	# of units	$ / Unit	$
Purchases:
Jun 1	15	$150.00	$2,250.00	12	$56.00	$672.00	3	$56.00	$168.00
Oct.1	25	$175.00	$4,375.00	19	$61.00	$1,159.00	6	$61.00	$366.00
Dec.1	35	$200.00	$7,000.00	26	$63.00	$1,638.00	9	$63.00	$567.00
Total	75		$13,625.00	57		$3,469.00	18		$1,101.00

Answers:

a. The ending inventory = $1,101

b. The cost of goods sold = $3,469

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