Jensan Company
Jensan uses a perpetual inventory system and had the following inventory transactions for the month of June.
The June 30th inventory included 45 units from the June 4th purchase and 45 units from the June 10th purchase.
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Refer to the information provided for Jensan Company. What is the cost of goods sold for June under the specific identification method?
A) $2,263.00
B) $2,270.00
C) $2,260.00
D) $3,626.50

Question

Jensan Company 
Jensan uses a perpetual inventory system and had the following inventory transactions for the month of June.
 The June 30th inventory included 45 units from the June 4th purchase and 45 units from the June 10th purchase.
- 
Refer to the information provided for Jensan Company. What is the cost of goods sold for June under the specific identification method?
A) $2,263.00 
B) $2,270.00 
C) $2,260.00 
D) $3,626.50

Quizplus · Accepted Answer

The specific identification method tracks the actual cost of each specific item sold. The cost of goods sold for June would be calculated by summing the costs of the specific items that were sold during that month, which amounts to $2,263.00.

Jensan Company Jensan Uses a Perpetual Inventory System and Had the Following