Question
In: Accounting
A company had the following purchases during its first year of operations: Purchases January: 24...
A company had the following purchases during its first year of
operations:
| Purchases | |
| January: | 24 units at $115 |
| February: | 34 units at $126 |
| May: | 29 units at $138 |
| September: | 26 units at $146 |
| November: | 24 units at $156 |
On December 31, there were 45 units remaining in ending inventory.
These 45 units consisted of 6 from January, 7 from February, 11
from May, 5 from September, and 16 from November. Using the
specific identification method, what is the cost of the ending
inventory?
Multiple Choice
-
$5,434.
-
$5,440.
-
$6,160.
-
$6,316.
-
$6,472.
Solutions
Expert Solution
Correct answer-----------$6,316
Working
| Units available | Sold | Ending Units | Cost per unit | Ending Inventory | |
| Purchase in January | 24 | 18 | 6 | $ 115.00 | $ 690.00 |
| Purchase in February | 34 | 27 | 7 | $ 126.00 | $ 882.00 |
| Purchase in May | 29 | 18 | 11 | $ 138.00 | $ 1,518.00 |
| Purchase in September | 26 | 21 | 5 | $ 146.00 | $ 730.00 |
| Purchase in November | 24 | 8 | 16 | $ 156.00 | $ 2,496.00 |
| Total | $ 6,316.00 |
ekkarill92 answered 1 year agoRelated Solutions
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