Blue Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations: Date Explanation Units Unit Cost Total Cost Balance in Units Aug. 2 Purchases 249 $69 $17,181 249 3 Purchases 506 96 48,576 755 10 Sales (275 ) 480 15 Purchases 926 121 112,046 1,406 25 Sales (311 ) 1,095 (a) Calculate the cost of goods sold and ending inventory using the FIFO cost method. Cost of goods sold $ Ending inventory $
Blue Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations: Date Explanation Units Unit Cost Total Cost Balance in Units Aug. 2 Purchases 249 $69 $17,181 249 3 Purchases 506 96 48,576 755 10 Sales (275 ) 480 15 Purchases 926 121 112,046 1,406 25 Sales (311 ) 1,095 (a) Calculate the cost of goods sold and ending inventory using the FIFO cost method. Cost of goods sold $ Ending inventory $
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
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 12E: Alternative Inventory Methods Park Companys perpetual inventory records indicate the following...
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