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Intercontinental, Incorporated, uses a perpetual inventory system. Consider the following information about its inventory: July 1, purchased 10 units for $910 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 FIFO, the cost of goods sold for the sale of 23 units on July 31 is. and the inventory balance at July 31 is Cost of goods sold

Intercontinental, Incorporated, uses a perpetual inventory system. Consider the following information about its inventory: July 1, purchased 10 units for $910 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 FIFO, the cost of goods sold for the sale of 23 units on July 31 is. and the inventory balance at July 31 is Cost of goods sold

Corporate Financial Accounting
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Inventories
Section: Chapter Questions
Problem 6.3BE: Perpetual inventory using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as...
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# Required information Aug. 28 10 $119 $1,190 3 Aug. 30 Cost of goods sold Inventory balance 14 $ = D fs Knowledge Check 01 Intercontinental, Incorporated, uses a perpetual inventory system. Consider the following information about its inventory: July 1, purchased 10 units for $910 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 FIFO, the cost of goods sold for the sale of 23 units on July 31 is and the inventory balance at July 31 is % LO 5@$106 $ 530 18@$115= $2,070= $2, 5 T 16 6 = $2,600 O $4,570 f7 < Prev & 50 $106 20@$115 = $4,020 10@ $119 7 2@ $115 10@ $119 DEN BLE 18 S 4+ = $1,420 17 18 np CO of 20 19 Y = 9 f10 Next > 11 0 PHE D D
Transcribed Image Text:# Required information Aug. 28 10 $119 $1,190 3 Aug. 30 Cost of goods sold Inventory balance 14 $ = D fs Knowledge Check 01 Intercontinental, Incorporated, uses a perpetual inventory system. Consider the following information about its inventory: July 1, purchased 10 units for $910 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 FIFO, the cost of goods sold for the sale of 23 units on July 31 is and the inventory balance at July 31 is % LO 5@$106 $ 530 18@$115= $2,070= $2, 5 T 16 6 = $2,600 O $4,570 f7 < Prev & 50 $106 20@$115 = $4,020 10@ $119 7 2@ $115 10@ $119 DEN BLE 18 S 4+ = $1,420 17 18 np CO of 20 19 Y = 9 f10 Next > 11 0 PHE D D
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