ΒΔ Moving toQuestion 7Bahrain Company made the following merchandise purchases and sales during the April, 2021:April 1The beginning inventory balance 400 units at $30 each.Sold 250 units at $40 each.April 4April 14Purchased 300 units at $ 32 each.Sold 300 units at $ 50 each.April 28Answer the following questions assuming that the company uses the First IN First Out (FIFO) method.Note: Write only the final amount - Do not show your calculation1) What is Cost of goods sold on April 4?2) What is the inventory balance on April 4?3) What is the total cost of merchandise purchased on April 14?4) What is the inventory balance on April 14?5) What is the Cost of goods sold on April 28?6) What is the inventory balance on April 28?

FIFO is first in first out, where the goods purchased first are sold first . Cost of goods sold…

Sold Purchased 300 units at $ 32 each. Sold 300 units at $ 50 each. owing questions assuming that the company uses the First IN First the final amount - Do not show your calculation f goods sold on April 4? entory balance on April 4? al cost of merchandise purchased on April 14? entory balance on April 14? st of goods sold on April 28? balance on April 28?

Sold Purchased 300 units at $ 32 each. Sold 300 units at $ 50 each. owing questions assuming that the company uses the First IN First the final amount - Do not show your calculation f goods sold on April 4? entory balance on April 4? al cost of merchandise purchased on April 14? entory balance on April 14? st of goods sold on April 28? balance on April 28?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 62E

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