.25 per unit 9 Sal
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Inventories
Section: Chapter Questions
Problem 6.2BE: Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as...
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Question 1
1.Pioneer Ltd is a company operating in the retail sector. The beginning inventory of Product EF5089 and information about purchases and sales made during June are shown below:
June 1 Inventory 6000 units @$2.00 per unit
4 Purchases 4500 units @$2.25 per unit
9 Sales 4000 units
12 Purchases 4000 units @$2.30 per unit
21 Sales 3000 units
24 Sales 2800 units
26 Purchases 3000 units @$2.35 per unit
30 Sales 2500 units
Selling price for product EF5089 is $5 per unit. Other expenses for the month were $523
B. Prepare an income statement based on each of the three methods
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