Date|Units Purchased|Cost Per Unit
January1| 10| 8.00 (Beginning inventory)
January18| 50| 9.00
February20| 20| 11.00
March15| 10| 12.00
(Ending inventory: 19)
The specific identification method indicates the following units to be on hand: January 1, (2); January 18, (5); February 20, (6); March 15, (6).
The cost of goods sold is:???
A. $680.00
B. $671.00
C. $842.00
D. $720.00
___
I remember learning this but I cant remeber how to do it.
Please tell me the answer and explain how you got it?
Answer: 671.00.
here's some links that would help you all I'm too lazy to type out the answers. WARNING: doesn't let me post URLS so it wont take you right to the question
brainly.com/question/12230366
brainly.com/question/10687203
brainly.com/question/7828254
brainly.com/question/12267361
brainly.com/question/8479091
brainly.com/question/12489226
brainly.com/question/10699885
Here are some more answers, its not the rest of the answers but its some
A truck has an estimated useful life of 150,000 miles. The original cost is $60,000 and the salvage value is $5,000. The miles driven were 18,000 for the first year and 19,500 for the second year. Depreciation for the second year is:
ANSWER: A, $7,150
Everest Banker had a house listed for $259,900.00. The actual sales price was 6 percent less than the asking price. Find the sales price to the nearest $1,000.00.
ANSWER: D, $244,000.00
To calculate the cost of goods sold using the specific identification method, we need to determine the cost of units that were sold during the given period.
Using the given information, we have the following units available on hand for sale: January 1 (2 units), January 18 (5 units), February 20 (6 units), and March 15 (6 units).
Let's calculate the cost of goods sold step by step:
1. For the January 1 inventory (10 units), we need to allocate the cost of 2 units to the cost of goods sold, as indicated by the specific identification method. The cost per unit is $8.00, so the cost of units sold from the January 1 inventory is 2 units * $8.00 per unit = $16.00.
2. For the January 18 inventory (50 units), we need to allocate the cost of 5 units to the cost of goods sold. The cost per unit is $9.00, so the cost of units sold from the January 18 inventory is 5 units * $9.00 per unit = $45.00.
3. For the February 20 inventory (20 units), we need to allocate the cost of 6 units to the cost of goods sold. The cost per unit is $11.00, so the cost of units sold from the February 20 inventory is 6 units * $11.00 per unit = $66.00.
4. For the March 15 inventory (10 units), we need to allocate the cost of 6 units to the cost of goods sold. The cost per unit is $12.00, so the cost of units sold from the March 15 inventory is 6 units * $12.00 per unit = $72.00.
Therefore, the total cost of goods sold is $16.00 + $45.00 + $66.00 + $72.00 = $199.00.
The correct answer is not provided in the options you have provided. However, based on the calculations, the closest option is B. $671.00, but it is not the exact answer.
To calculate the cost of goods sold using the specific identification method, we need to determine which units from inventory were sold during the given time period and multiply the quantities sold by their corresponding costs per unit.
Based on the given information, let's determine the units sold:
- 10 units were purchased on January 1, and 2 units from this purchase are still on hand. So, 10 - 2 = 8 units were sold from this purchase.
- 50 units were purchased on January 18, and 5 units from this purchase are still on hand. So, 50 - 5 = 45 units were sold from this purchase.
- 20 units were purchased on February 20, and 6 units from this purchase are still on hand. So, 20 - 6 = 14 units were sold from this purchase.
- 10 units were purchased on March 15, and 6 units from this purchase are still on hand. So, 10 - 6 = 4 units were sold from this purchase.
Now, calculate the cost of goods sold by multiplying the quantities sold by their corresponding costs per unit:
Cost of goods sold from January 1 purchase: 8 units × $8.00 per unit = $64.00
Cost of goods sold from January 18 purchase: 45 units × $9.00 per unit = $405.00
Cost of goods sold from February 20 purchase: 14 units × $11.00 per unit = $154.00
Cost of goods sold from March 15 purchase: 4 units × $12.00 per unit = $48.00
Finally, add up the calculated costs of goods sold:
$64.00 + $405.00 + $154.00 + $48.00 = $671.00
Therefore, the cost of goods sold using the specific identification method is $671.00, which corresponds to option B.