Perpetual Inventory Using FIFO Beginning inventory, purchases,and sales data for Keurig coffee machines are as follows: June Inventory 50 units at $10 Sale 20 units 14 Purchase 90 units at $11 19 Sale 60 units 25 Purchase 40 units at $13 30 Sale 50 units The business maintains a perpetual inventory system, costing by the first-in, first-out method. Using the chart below, determine the cost of ending inventory. Sales Date Purchases Inventory (Cost of goods) Unit Cost Total Unit Cost Total Unit Cost Total 24 25 1-Jun 26 27 6-Jun 28 29 30 14-Jun 31 32 33 19-Jun 34 35 36 37 25-Jun 38 39 30-Jun Cost of ending inventory
Perpetual Inventory Using FIFO Beginning inventory, purchases,and sales data for Keurig coffee machines are as follows: June Inventory 50 units at $10 Sale 20 units 14 Purchase 90 units at $11 19 Sale 60 units 25 Purchase 40 units at $13 30 Sale 50 units The business maintains a perpetual inventory system, costing by the first-in, first-out method. Using the chart below, determine the cost of ending inventory. Sales Date Purchases Inventory (Cost of goods) Unit Cost Total Unit Cost Total Unit Cost Total 24 25 1-Jun 26 27 6-Jun 28 29 30 14-Jun 31 32 33 19-Jun 34 35 36 37 25-Jun 38 39 30-Jun Cost of ending inventory
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter6: Inventories
Section: Chapter Questions
Problem 6E: Perpetual inventory using FIFO Assume that the business in Exercise 6-5 maintains a perpetual...
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