A Company Uses Perpetual Inventory in Connection with the Specific-Identification

question 45

Multiple Choice

A company uses perpetual inventory in connection with the specific-identification method. The company purchased 30 industrial diamonds for $500 per unit. Later in the month, they purchased another 20 diamonds from another supplier for $480 per unit. On the last day of the month, they sold 18 diamonds to a customer at a price of $800 per unit. Of the 18 diamonds, 3 came from the first batch and the remainder came from the second batch. Which of the following journal entries correctly records the Sales revenues?

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Definitions:

Ostracism

The practice of excluding or ignoring an individual or group by other members of a society or group.

Phone App

A software application designed to run on a mobile device, such as a smartphone or tablet.

Students

Individuals formally engaged in learning, especially those enrolled in educational institutions.

Silent Checking

A covert or internal process of continually assessing one's own thoughts, feelings, or symptoms, often related to anxiety or health concerns.