In July, 2019, Unique Jewels Company purchased the following it Number of Rings Purchased 1 2 Date Purchased Jul. 2 Jul

Question

In July, 2019, Unique Jewels Company purchased the following it Number of Rings Purchased 1 2 Date Purchased Jul. 2 Jul 5 Jul 10 Jul 19 Jul 20 Cost per ring $15,000 $9,2501 $750 $12,500 $945 1 3 4 On July 22, one ring from the July 2 purchase was sold for $19,500 and 2 rings from the July 20 purchase were sold for $1,520 each. All sales and purchases are made on credit. Instructions: (a) Calculate ending inventory and cost of goods sold using specific identification. (b) Prepare the journal entry to record the July 22 sale.

Help In Homework · Accepted Answer

No of rings Cost per ring 2 $9,250 $18,500 1 $750 $750 3 $12,500 $37,500 2 $945 $1,890 Ending Inventory 8 $58,640 Date Account Titles and Explanation Debit Credit July 22 Accounts Receivable 22,540 Sales 22,540 ($19,500 + $1,520 x 2) Cost of Goods Sold 16,890 Inventory 16,890 ($15,000 + $945 x 2)

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In July, 2019, Unique Jewels Company purchased the following it Number of Rings Purchased 1 2 Date Purchased Jul

Expert Solution

Archived Solution

		No of rings	Cost per ring
		2	$9,250	$18,500
		1	$750	$750
		3	$12,500	$37,500
		2	$945	$1,890
	Ending Inventory	8		$58,640

Date	Account Titles and Explanation	Debit	Credit
July 22	Accounts Receivable	22,540
	Sales		22,540
	($19,500 + $1,520 x 2)

	Cost of Goods Sold	16,890
	Inventory		16,890
	($15,000 + $945 x 2)