The cost of goods sold, inventory, and gross margin shown in Figure 10.5 were determined from the previously-stated data, particular to specific identification costing.įigure 10.6 Specific Identification Periodic Cost Allocations Gross Margin. The specific identification costing assumption tracks inventory items individually, so that when they are sold, the exact cost of the item is used to offset the revenue from the sale. Calculations of Costs of Goods Sold, Ending Inventory, and Gross Margin, Specific Identification Subtracting this ending inventory from the $16,155 total of goods available for sale leaves $7,260 in cost of goods sold this period.
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