Shown below is the activity for one of the products of Random Creations: January 1 balance, 80 units e $5e $4, eee Purchases: January 18: January 28: Sales: 40 units e $51 40 units e $52 January 12: January 22: January 31: 30 units 30 units 45 units Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Random Creations uses average cost and a periodic inventory system. (Round intermediate calculations to two decimal numbers. Round your final answers to nearest whole dollar amount.) Ending inventory Cost of goods sold
Shown below is the activity for one of the products of Random Creations: January 1 balance, 80 units e $5e $4, eee Purchases: January 18: January 28: Sales: 40 units e $51 40 units e $52 January 12: January 22: January 31: 30 units 30 units 45 units Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Random Creations uses average cost and a periodic inventory system. (Round intermediate calculations to two decimal numbers. Round your final answers to nearest whole dollar amount.) Ending inventory Cost of goods sold
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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