ABC sells item A as part of its product line. Information as to balances on hand, purchases, and sales of item A are given in the following table for the first six months of 20X3. Date Purchased Sold Balance of Purchase January 1 (Inventory beginning) 3,000 units @ P250 Purchases January 24, 3,300 units @ P260 June 11, 2,140 units @ P280 Sales February 8, 4,800 units @ P350 March 16, 1,060 @ P350 For the 6 months under weighted average cost (perpetual) determine the cost of goods sold (Sample answer: 345,678)
ABC sells item A as part of its product line. Information as to balances on hand, purchases, and sales of item A are given in the following table for the first six months of 20X3. Date Purchased Sold Balance of Purchase January 1 (Inventory beginning) 3,000 units @ P250 Purchases January 24, 3,300 units @ P260 June 11, 2,140 units @ P280 Sales February 8, 4,800 units @ P350 March 16, 1,060 @ P350 For the 6 months under weighted average cost (perpetual) determine the cost of goods sold (Sample answer: 345,678)
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 3RE: Shaquille Corporation began the current year with inventory of 50,000. During the year, its...
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ABC sells item A as part of its product line. Information as to balances on hand, purchases, and sales of item A are given in the following table for the first six months of 20X3.
Date Purchased Sold Balance of Purchase
January 1 (Inventory beginning) 3,000 units @ P250
Purchases
January 24, 3,300 units @ P260
June 11, 2,140 units @ P280
Sales
February 8, 4,800 units @ P350
March 16, 1,060 @ P350
For the 6 months under weighted average cost (perpetual) determine the cost of goods sold (Sample answer: 345,678)
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