Can you help me find the GOGS for specific identification please. Gladstone Comp

Question

Can you help me find the GOGS for specific identification please. 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 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December 31 under each of the following inventory costing methods: (Round intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount.)

Explanation / Answer

COGS under specific identification method Units Rate Amount March 14 sales from beginning inventory 2,750/5*2 = 1,100 40      44,000 March 14 sales from Jan 30th Purchase 2,750/5*3 = 1,650 55      90,750 August 31st sales from beginning inventory 3,100-1,100 = 2,000 40      80,000 August 31st sales from May 1st Purchase 3,200-2,000 = 1,200 70      84,000 2,98,750

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