Need help solving for the Specific Identification....Work on how its done would be appreciated
Particulars | Units | Rates | Amount | |||||
Beginning inventory | 330 | $ 4.00 | $ 1,320 | |||||
Purchase | 30-Jan | 230 | $ 2.70 | $ 621 | ||||
Purchase | 1-May | 390 | $ 5.00 | $ 1,950 | ||||
Sales | ||||||||
For C | ||||||||
2/5th from Beginning Inventory | (90 x 2/5) | 36 | $ 4.00 | $ 144 | ||||
3/5th from purchase on Jan 30 | (90 x 3/5) | 54 | $ 2.70 | $ 146 | ||||
90 | $ 290 | (a) | ||||||
For D | ||||||||
Remainder of Beginning Inventory | (330 - 36) | 294 | $ 4.00 | $ 1,176 | ||||
Balance from purchase on May 1 | (630 - 294) | 336 | $ 5.00 | $ 1,680 | ||||
630 | $ 2,856 | (b) | ||||||
Cost of Goods sold | (a + b) | $ 3,146 | ||||||
Ending Inventory | ||||||||
From purchase on Jan 30 | (230 - 54) | 176 | $ 2.70 | $ 475 | ||||
From purchase on May 1 | (390 - 336) | 54 | $ 5.00 | $ 270 | ||||
230 | $ 745 |
Need help solving for the Specific Identification....Work on how its done would be appreciated Kirtland Corporation...
Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, December 31, the accounting records for the most popular item in inventory showed the following: Transactions Units Unit Cost Beginning inventory, January 1 430 $6.00 Transactions during the year: a. Purchase, January 30 330 3.70 b. Purchase, May 1 490 7.00 c. Sale ($8 each) (190) d. Sale ($8 each) (730) Required: a. Compute the amount of goods available for sale. b. & c. Compute...
Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, December 31, the accounting records for the most popular item in inventory showed the following: Units 410 Unit Cost $4.00 Transactions Beginning inventory, January 1 Transactions during the year: Purchase, January 30 Purchase, May 1 Sale ($6 each) d. Sale ($6 each) 3.50 5.00 310 470 (170) (710) Required: a. Compute the amount of goods available for sale. b. & c. Compute the amount of...
Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, December 31, the accounting records for the most popular item in inventory showed the following: Transactions Units Unit Cost Beginning inventory, January 1 390 $6.00 Transactions during the year: a. Purchase, January 30 290 3.30 b. Purchase, May 1 450 7.00 c. Sale ($8 each) (150) d. Sale ($8 each) (690) Required: a. Compute the amount of goods available for sale. b. & c. Compute...
Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, December 31, the accounting records for the most popular item in inventory showed the following: Units 320 Unit Cost $5.00 Transactions Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 b. Purchase, May 1 c. Sale ($7 each) d. Sale ($7 each) 2.60 6.00 220 380 (80) (620) Required: a. Compute the amount of goods available for sale. b. &c. Compute the...
Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, December records for the most popular item in inventory showed the following: the accounting Units 360 Unit Cost $5.00 Transactions Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 b. Purchase, May 1 c. Sale ($7 each) d. Sale ($7 each) 3.00 6.00 260 420 (120) (660) Required: a. Compute the amount of goods available for sale. b.& c. Compute the amount...
11.12 points Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, December 31, the accounting records for the most popular item in inventory showed the following: Transactions Units Unit Cost Beginning inventory. January 1 330 $4.00 Transactions during the year a. Purchase, January 30 230 2.70 b. Purchase, May 1 390 c. Sale ($6 each) (90) d. Sale ($6 each) 5.00 eBook Print Required: a. Compute the amount of goods available for sale. b....
Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, December 31, the accounting records for the most popular item in inventory showed the following: Transactions Units Unit Cost Beginning inventory, January 1 340 $3.00 Transactions during the year: a. Purchase, January 30 240 2.80 b. Purchase, May 1 400 4.00 c. Sale ($5 each) (100) d. Sale ($5 each) (640) Required: a. Compute the amount of goods available for sale. b. & c. Compute...
Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, December 31, the accounting records for the most popular item in inventory showed the following: Units 380 Unit Cost $3.00 Transactions Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 b. Purchase, May 1 c. Sale ($5 each) d. Sale ($5 each) 3.20 4.00 280 440 (140) (680) Required: a. Compute the amount of goods available for sale. b. & c. Compute...
Please give Step-By-Step on how you did the calculations and where the numbers came from. Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, December 31, the accounting records for the most popular item in inventory showed the following: Units 360 Unit Cost $5.00 Transactions Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 Purchase, May 1 Sale ($7 each) d. Sale ($7 each) 3.00 6.00 oooo 260 420 (120) (660)...
Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, December 31, the accounting records for the most popular item in inventory showed the following: Units 470 Unit Cost $5.00 Transactions Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 b. Purchase. May 1 C. Sale (58 cach) de Sole (58 cach) 4.1 7.00 370 530 230) (770) Required: 6. Compute the amount of goods available for sale b. & c. Compute...