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Problem 6-2A EastPoint Toyota, a small dealership, has provided you with the following information with respect...

Problem 6-2A

EastPoint Toyota, a small dealership, has provided you with the following information with respect to its vehicle inventory for the month of November. The company uses the specific identification method.

Date Explanation Model Serial# Unit Cost Unit Selling Price
Nov. 1 Inventory Corolla C63825 $15,000
Corolla C81362 20,000
Camry G62313 26,000
Venza X3892 27,000
Tundra F1883 22,000
Tundra F1921 25,000
8 Sales Corolla C81362 $22,000
Camry G62313 28,000
12 Purchases Camry G71811 27,000
Camry G71891 25,000
Venza X4212 28,000
Venza X4214 31,000
18 Sales Camry G71891 27,000
Venza X3892 31,000
Tundra F1921 29,000
23 Purchases Tundra F2182 23,000
Camry G72166 30,000


Determine the cost of goods sold and the ending inventory for the month of November.

Cost of goods sold $
Ending inventory $
Business   Accounting   
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Answer #1

Calculation of cost of goods sold

Model Serial Cost
Corolla C81362 20,000
Camary G62313 26,000
Camary G71891 25,000
Venza X3892 27,000
Tundra F1921 25,000
Total $123,000

cost of goods sold = $123,000

Calculation of ending inventory

Model Serial Cost
Corolla C63825 15,000
Tundra F1883 22,000
Camry G71811 27,000
Venza X4212 28,000
Venza X4214 31,000
Tundra F2182 23,000
camry G72166 30,000
Total $176,000

Ending inventory = $176,000

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