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Exercise 6-6 Specific identification cost flow assumption LO2 e) cel CHECK...

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Accounting

Exercise 6-6 Specific identification cost flow assumption LO2 e) cel
CHECK FIGURE: COGS =$4,529.50
Use the information in Exercise 6-5. Assume that Car Armour specifically sold the following units:
\table[[Jan.10:,80,units from beginning inventory],[Mar.15: 10,units from beginning inventory, and,],[Oct.5: 200,units from the July 28 purchase, and,],[,470,units from the October 3 purchase]]
Calculate cost to be assigned to ending inventory and cost of goods sold.
Exercise 6-7 Income statement effects of alternative cost flow assumptions LO3
Use the data in Exercises 6-5 and 6-6 to construct comparative income statements for Car Armour (year-end December 31,2020), similar to those shown in Exhibit 6.8 in the chapter. Assume that operating expenses are $1,250.
Which method results in the highest profit?
If costs were rising instead of falling, which method would result in the highest profit?

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