Intercontinental, Inc., uses a perpetual inventory system. Consider the following information about its inventory: July 1, purchased 10 units for $9100 or $91 per unit, July 3, purchased 15 units for $1,590 or $106 per unit, July 14, sold 20 units; July 17, purchased 20 units for $2,300 or $115 per unit July 28, purchased 10 units for $1,190 or $119 per unit; July 31, sold 23 units. Using LIFO, the cost of goods sold for the sale of 23 units on July 31 is inventory balance at July 31 is and the Cost of goods sold Inventory balance $ 1,260

Intercontinental, Inc., uses a perpetual inventory system. Consider the following information about its inventory: July 1, purchased 10 units for $9100 or $91 per unit, July 3, purchased 15 units for $1,590 or $106 per unit, July 14, sold 20 units; July 17, purchased 20 units for $2,300 or $115 per unit July 28, purchased 10 units for $1,190 or $119 per unit; July 31, sold 23 units. Using LIFO, the cost of goods sold for the sale of 23 units on July 31 is inventory balance at July 31 is and the Cost of goods sold Inventory balance $ 1,260

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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Carla Company uses the perpetual inventory system. The following information is available for January of the current year when Carla sold 1,600 units of inventory on January 14. Using the FIFO method, calculate Carlas cost of goods sold for January and its January 31 inventory.
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