A company made the following purchases during the year: Jan 10: 15 units @ 360 e

Question

A company made the following purchases during the year:

Jan 10: 15 units @ 360 each

Mar 25: 25 units @390 each

April 25: 10 units @ 420 each

July 30: 20 units @ 450 each

Oct 10: 15 units @ 480 each

On December 31, there were 28 units in ending inventory. These 28 units consisted of 1 from the January 10 shipment, 2 from the March 15 shipment, 5 from the April 25 shipment, 15 from the July 30 purchase, and 5 from the October 10 purchase. Using specific identification, calculate the cost goods sold and ending inventory for the year.  (Note: Answers do not differ using the periodic inventory system)

Explanation / Answer

Ending inventory= 1*360+2*390+5*420+15*450+5*480=12390

cost of goods sold=14*360+23*390+5*420+5*450+10*480=23160

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