Express mart provided the following inventory information for the month of January 2019. Units Cost (RO) Amount (RO) Jan-1 Beginning inventory 400 26 10,400 Jan 8- Purchases 350 30 10,500 Jan 22- Purchases 250 32 8,000 Jan 18 - Sales 550 40 22,000 Based on the above table find out the amount of Cost of goods sold for the month of January 2019, if the business is evaluating the inventory by using First In First Out (FIFO) method under the Periodic inventory system. a. RO 20,900 b. RO 22,000 c. RO 10,500 d. RO 14,900
Express mart provided the following inventory information for the month of January 2019. Units Cost (RO) Amount (RO) Jan-1 Beginning inventory 400 26 10,400 Jan 8- Purchases 350 30 10,500 Jan 22- Purchases 250 32 8,000 Jan 18 - Sales 550 40 22,000 Based on the above table find out the amount of Cost of goods sold for the month of January 2019, if the business is evaluating the inventory by using First In First Out (FIFO) method under the Periodic inventory system. a. RO 20,900 b. RO 22,000 c. RO 10,500 d. RO 14,900
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 3PEB: Beginning inventory, purchases, and sales for Item Foxtrot are as follows: Assuming a perpetual...
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24)
Express mart provided the following inventory information for the month of January 2019.
Based on the above table find out the amount of Cost of goods sold for the month of January 2019, if the business is evaluating the inventory by using First In First Out (FIFO) method under the Periodic inventory system.
|
|
Units |
Cost (RO) |
Amount (RO) |
|
Jan-1 Beginning inventory |
400 |
26 |
10,400 |
|
Jan 8- Purchases |
350 |
30 |
10,500 |
|
Jan 22- Purchases |
250 |
32 |
8,000 |
|
Jan 18 - Sales |
550 |
40 |
22,000 |
Based on the above table find out the amount of Cost of goods sold for the month of January 2019, if the business is evaluating the inventory by using First In First Out (FIFO) method under the Periodic inventory system.
a.
RO 20,900
b.
RO 22,000
c.
RO 10,500
d.
RO 14,900
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