Flint Inc. uses a perpetual inventory system. Its records show the following for the month of May Date May May 15 May May 3) 1 Inventory Purchase Explanation Units 18 Sale 24 Purchase Total Cost of goods sold $ Ending Inventory 29 $ 25 (49) 43 97 Unit Cost $11 12 13 Total Cost $319 300 Calculate the cost of goods sold for May and the ending inventory at May 31 using the FIFO fc 559 $1,178
Flint Inc. uses a perpetual inventory system. Its records show the following for the month of May Date May May 15 May May 3) 1 Inventory Purchase Explanation Units 18 Sale 24 Purchase Total Cost of goods sold $ Ending Inventory 29 $ 25 (49) 43 97 Unit Cost $11 12 13 Total Cost $319 300 Calculate the cost of goods sold for May and the ending inventory at May 31 using the FIFO fc 559 $1,178
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 12RE: Carla Company uses the perpetual inventory system. The following information is available for...
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