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Category > Management Posted 08 Jan 2018 My Price 6.00

association of costs

Specific Identification Method

1.    Refers to the association of costs with their assumed flow.

2.    Has the objective of matching costs of the period against revenues for the period.

3.    Requires that the inventory be written down to the lower value and that a loss be recorded.

4.    Refers to the actual physical movement of goods in the operations of a company.

5.    Related to the lower-of-cost-or-market (LCM) rule.

6.    Can vary depending on the assumptions about the flow of costs.


Se2. Assume the following data with regard to inventory for Vegan Company:

 

Aug.      1      Inventory

40 units @ $10 per unit

$   400

8      Purchase

50 units @ $11 per unit

550

22      Purchase

35 units @ $12 per unit

420

Goods available for sale

125 units

$1,370

Aug.    15     Sale

28      Sale

45 units

25 units

 

Inventory, Aug. 31

55 units

 

 

 

 

 

 


Assuming that the inventory consists of 30 units from the August 8 purchase and 25 units from the purchase of August 22, calculate the cost of ending inventory and cost of goods sold.

 

Answers

Maurice Tutor
(5)
Status NEW Posted 08 Jan 2018 03:01 PM My Price 6.00

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