Assume Orlon Iron applies Its Inventory costing method perpetually at the time of each sale. At the end annual accounting perlod, December 31, the accounting records provided the following Information: Transactions Units Unit Cost 3, е $12 a. Inventory, Beginning For the year: 9,000 10 b. Purchase, April 11 c. Purchase, June 1 d. Sale, May 1 (sold for $40 per unit) e. Sale, July 3 (sold for $40 per unit) f. Operating expenses (excluding income tax expense), $195,e00 13 8,000 3,000 6, 000
Assume Orlon Iron applies Its Inventory costing method perpetually at the time of each sale. At the end annual accounting perlod, December 31, the accounting records provided the following Information: Transactions Units Unit Cost 3, е $12 a. Inventory, Beginning For the year: 9,000 10 b. Purchase, April 11 c. Purchase, June 1 d. Sale, May 1 (sold for $40 per unit) e. Sale, July 3 (sold for $40 per unit) f. Operating expenses (excluding income tax expense), $195,e00 13 8,000 3,000 6, 000
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter6: Inventories
Section: Chapter Questions
Problem 1PB: FIFO perpetual inventory The beginning inventory at Dunne Co. and data on purchases and sales for a...
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