Nigam & Roy, Incorporated began operating on June 26 with no inventory on hand. It then made the purchases listed below. Nigam & Roy, Incorporated sold and delivered 52 units on June 30. Description Date June 27 June 28 June 29 Purchase Purchase Purchase Units 16 40 24 Unit Cost $ 8.80 9.80 11.80 Total Cost $ 140.80 392.00 283.20 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory at June 30. 3. Calculate the cost of ending inventory and the cost of goods sold under FIFO.

Nigam & Roy, Incorporated began operating on June 26 with no inventory on hand. It then made the purchases listed below. Nigam & Roy, Incorporated sold and delivered 52 units on June 30. Description Date June 27 June 28 June 29 Purchase Purchase Purchase Units 16 40 24 Unit Cost $ 8.80 9.80 11.80 Total Cost $ 140.80 392.00 283.20 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory at June 30. 3. Calculate the cost of ending inventory and the cost of goods sold under FIFO.

Name: Nigam & Roy, Incorporated began operating on June 26 with no inventor
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Description: Nigam & Roy, Incorporated began operating on June 26 with no inventory on hand. It then made the purchases listed below. Nigam &Roy, Incorporated sold and delivered 52 units on June 30.DescriptionDateJune 27June 28June 29PurchasePurchasePurchaseUnit

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 4CP: Golden Eagle Company began operations on April 1 by selling a single product. Data on purchases and...

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