ABC Company had the following inventory transactions in June.June 1June 3June 8June 151)701508050On June 20, the company sold 250 units for $75 each.Calculate the following assuming the company uses a FIFO Inventory Cost Method.2)3)4)Answer 1:10240Answer 2:4500Answer 3:18750Answer 4:Beginning InventoryPurchasedPurchasedPurchased8430Cost of Goods SoldEnding InventorySales RevenueUnitsGross Profit10240450018750Cost PerUnit4014244468430

Name: ABC Company had the following inventory transactions in June.June 1Ju
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Description: ABC Company had the following inventory transactions in June.June 1June 3June 8June 151)701508050On June 20, the company sold 250 units for $75 each.Calculate the following assuming the company uses a FIFO Inventory Cost Method.2)3)4)Answer 1:10240A

INVENTORY VALUATION Inventory Valuation is a Method of Calculation of Value of Inventory at the End…

Business

Accounting

ABC Company had the following inventory transactions in June. June 1 June 3 June 8 June 15 1) 2) 3) On June 20, the company sold 250 units for $75 each. Calculate the following assuming the company uses a FIFO Inventory Cost Method. 4) Answer 1: 10240 Answer 2: 4500 Answer 3: 18750 Answer 4: Beginning Inventory Purchased Purchased Purchased 8430 Cost of Goods Sold Ending Inventory Sales Revenue Units Gross Profit 70 150 80 50 10240 4500 18750 Cost Per Unit 40 42 44 46 8430

ABC Company had the following inventory transactions in June. June 1 June 3 June 8 June 15 1) 2) 3) On June 20, the company sold 250 units for $75 each. Calculate the following assuming the company uses a FIFO Inventory Cost Method. 4) Answer 1: 10240 Answer 2: 4500 Answer 3: 18750 Answer 4: Beginning Inventory Purchased Purchased Purchased 8430 Cost of Goods Sold Ending Inventory Sales Revenue Units Gross Profit 70 150 80 50 10240 4500 18750 Cost Per Unit 40 42 44 46 8430

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter11: Work Sheet And Adjusting Entries

Section: Chapter Questions

Problem 3E: Basga Company uses the periodic inventory system. Beginning inventory amounted to 241,072. A...

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