- Caught warning in the question code: Invalid argument supplied for foreach() on line 1522 in acct.php
Van Dyke Company reported the following July purchases and sales data. They also had 25 units @ $25 per unit at the beginning of July. The company uses a perpetual inventory system.
| Date | Purchases | Sales | |||||
| Units | Cost/Unit | Total Cost | Units | ||||
| July 1 | Beginning Inventory | 25 | $25 | = | $625 | ||
| July 3 | Purchase | 7 | $20 | = | $140 | ||
| July 8 | Sale | 12 | |||||
| July 12 | Purchase | 6 | $21 | = | $126 | ||
| July 17 | Purchase | 12 | $24 | = | $288 | ||
| July 23 | Sale | 27 | |||||
| July 31 | Purchase | 8 | $23 | = | $184 | ||
| Totals | 58 | $1,363 | |||||
Create a perpetual inventory record assuming specific indication inventory costing and compute the cost of goods sold (COGS) and ending inventory for Van Dyke Company assuming the specific indication costing method.
Instructions for specific identification method:
- Of the 12 items that were sold on July 8; 10 of them were sold from the beginning inventory and 2 of them were sold from the July 3rd purchase
- The 27 items that were sold on July 23rd; 10 were sold from beginning inventory, 4 were sold from the July 3rd purchase, 3 were sold from the July 12th purchase, and 10 were sold from the July 17th purchase.
| Purchases | Cost of Goods Sold | Inventory on Hand | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Dates | Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost |
| July 1 | |||||||||
| July 3 | |||||||||
| July 3 | |||||||||
| July 3 | |||||||||
| July 3 | |||||||||
| July 3 | |||||||||
| July 8 | |||||||||
| July 8 | |||||||||
| July 8 | |||||||||
| July 8 | |||||||||
| July 8 | |||||||||
| July 12 | |||||||||
| July 12 | |||||||||
| July 12 | |||||||||
| July 12 | |||||||||
| July 12 | |||||||||
| July 17 | |||||||||
| July 17 | |||||||||
| July 17 | |||||||||
| July 17 | |||||||||
| July 17 | |||||||||
| July 23 | |||||||||
| July 23 | |||||||||
| July 23 | |||||||||
| July 23 | |||||||||
| July 23 | |||||||||
| July 31 | |||||||||
| July 31 | |||||||||
| July 31 | |||||||||
| July 31 | |||||||||
| July 31 | |||||||||
Cost of Goods Sold: $
Ending Inventory: $