In the table below, fill in the March 24 quantity, unit cost, and total cost in the spaces provided for determining Cost of Merchandise Sold (COMS) and Merchandise Inventory under the FIFO cost flow assumption, assuming 31 shoes are sold on March 24. Determine the COMS and Merchandise inventory final balances. If units are in imventory or are listed under cost of merchandise sold at two different costs, enter the units that were purchased earliest first. FIFO Cost Flow Assumption Purchases Cost of Merchandise Sold Merchandise Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Mar. 1 26 35 910 26 35 910 19 35 665 35 245 11 35 45 1680 35 245 35 45 1680 24 31 Balances

In the table below, fill in the March 24 quantity, unit cost, and total cost in the spaces provided for determining Cost of Merchandise Sold (COMS) and Merchandise Inventory under the FIFO cost flow assumption, assuming 31 shoes are sold on March 24. Determine the COMS and Merchandise inventory final balances. If units are in imventory or are listed under cost of merchandise sold at two different costs, enter the units that were purchased earliest first. FIFO Cost Flow Assumption Purchases Cost of Merchandise Sold Merchandise Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Mar. 1 26 35 910 26 35 910 19 35 665 35 245 11 35 45 1680 35 245 35 45 1680 24 31 Balances

Name: In the table below, fill in the March 24 quantity, unit cost, and tot
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Description: In the table below, fill in the March 24 quantity, unit cost, and total cost in the spaces provided for determining Cost of Merchandise Sold(COMS) and Merchandise Inventory under the FIFO cost flow assumption, assuming 31 shoes are sold on March 24.

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 6PA: Data on the physical inventory of Ashwood Products Company as of December 31 follow: Quantity and...

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