Gladstone Company tracks the number of units purchased and sold throughout each

Question

Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31.

Assuming that for Specific identification method (item 1d) the March 14 sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the sale of August 31 was selected from the remainder of the beginning inventory, with the balance from the purchase of May

Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31.

Explanation / Answer

Calculate cost of goods sold and ending inventoy under specific identification method :

Unit cost Begining inventory 1700 85000 Purchase 5100 353600 Total goods available for sale 6800 438600 Ending inventory 3650 251370 Cost of goods sold 3150 187230

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