Question

During the current period Ginger and Mary Ann made the following purchases of beads. Answer the questions below assuming that Ginger and Mary Ann use the specific identification method for inventory costing.

Purchase 1 =	40 small beads @ $ 8.00 each =
Purchase 2 =	60 medium beads @ $10.00 each =
Purchase 3 =	80 large beads @ $11.00 each =
Total available for sale =

           

What would be the total available for sale?

Cost of small beads in inventory		units @ $		=
Cost of medium beads in inventory		units @ $		=
Cost of large beads in inventory		units @ $		=
Total available for sale =

What would be the cost of goods sold assuming that the following beads were SOLD?

            20 small-size beads    & 25 medium-size beads       & 30 large-size beads

           

	units @ $		=
	units @ $		=
	units @ $		=
= Total cost of goods sold (COGS)

           

What would be the ending inventory for all the beads remaining? Show your answer for each bead size (small, medium, and large) and the total for all of them.

	units @ $		=
	units @ $		=
	units @ $		=
= Cost of ending inventory

Answer 1

Cost of small beads in inventory	40 units @$8	320
Cost of medium beads in inventory	60 units @$10	600
Cost of large beads in inventory	80 units @$11	880
Total available for sale =		1800
Cost of small beads sold	20 units @$8	160
Cost of medium beads sold	25 units @$10	250
Cost of large beads in sold	30 units @$11	330
= Total cost of goods sold (COGS)		740
Cost of small beads in inventory	20 units @$8	160
Cost of medium beads in inventory	35 units @$10	350
Cost of large beads in inventory	50 units @$11	550
= Cost of ending inventory		1060