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21. Storme Shutters has the following inventory information. Nov. 1 Inventory 30 units @ $8.00 8...


21. Storme Shutters has the following inventory information. Nov. 1 Inventory 30 units @ $8.00 8 Purchase 120 units @ $8.30 1
21. Storme Shutters has the following inventory information. Nov. 1 Inventory 30 units @ $8.00 8 Purchase 120 units @ $8.30 17 Purchase 60 units @ $8.40 25 Purchase 90 units @ $8.80 A physical count of merchandise inventory on November 30 reveals that there are 80 units on hand. Assume a periodic inventory system is used. Assuming that the specific identification method is used and that ending inventory consists of 20 units from each of the three purchases and 20 units from the November 1 inventory, cost of goods sold is a. $1,758. b. $1,870. c. $1,862. d. $1,812.
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Answer #1

Answer c. $1862

Calculated as

Cost of goods sold = 10 x $ 8 +100 x $8.30+40 x $8.40+70 x $8.80 = $80+$830+$336+$616 = $1862

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