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During the current period Ginger and Mary Ann made the following purchases of beads. Answer the...

During the current period Ginger and Mary Ann made the following purchases of beads. Answer the questions below assuming that Ginger and Mary Ann use the specific identification method for inventory costing. Purchase 1 = 40 small beads @ $ 8.00 each = Purchase 2 = 60 medium beads @ $10.00 each = Purchase 3 = 80 large beads @ $11.00 each = Total available for sale = 10. What would be the total available for sale? Cost of small beads in inventory units @ $ = Cost of medium beads in inventory units @ $ = Cost of large beads in inventory units @ $ = Total available for sale = 11. What would be the cost of goods sold assuming that the following beads were SOLD? 20 small-size beads & 25 medium-size beads & 30 large-size beads units @ $ = units @ $ = units @ $ = = Total cost of goods sold (COGS) 12. What would be the ending inventory for all the beads remaining? Show your answer for each bead size (small, medium, and large) and the total for all of them. units @ $ = units @ $ = units @ $ = = Cost of ending inventory

Solutions

Expert Solution

           

What would be the total available for sale?

Cost of small beads in inventory

40

units @ $

8

=$320

Cost of medium beads in inventory

60

units @ $

10

=$600

Cost of large beads in inventory

80

units @ $

11

=$880

Total available for sale =

$1800

What would be the cost of goods sold assuming that the following beads were SOLD?

            20 small-size beads    & 25 medium-size beads       & 30 large-size beads

           

20

units @ $

8

=$160

25

units @ $

10

=$250

30

units @ $

11

=$330

= Total cost of goods sold (COGS)

$740

           

What would be the ending inventory for all the beads remaining? Show your answer for each bead size (small, medium, and large) and the total for all of them.

20

units @ $

8

=$160

35

units @ $

10

=$350

50

units @ $

11

=$550

= Cost of ending inventory

$1060

ekkarill92 answered 2 years ago
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