The following information has been extracted from the records of Irish Company about one of its products. Irish company usesthe perpetual system.Jan.Beginning balance8,00070.006.Purchase3,00070.50Feb.Sale10,000Mar.Purchase11,00073.508Purchase return80073.50Apr.10Sale7,00030 Sale return30013.) Assuming the FIFO perpetual method is used, what is the cost of the inventory on April 30?

First in First Out Method of inventory valuation is based on concept that the material which enters…

The following information has been extracted from the records of Irish Company about one of its products. Irish company uses the perpetual system. Jan. 1 Beginning balance 8,000 70.00 Purchase 3,000 70.50 Feb. 5 Sale 10,000 Mar. 5 Purchase 11,000 73.50 Purchase return 800 73.50 Apr. 10 Sale 7,000 30 Sale return 300 13.) Assuming the FIFO perpetual method is used, what is the cost of the inventory on April 30?

The following information has been extracted from the records of Irish Company about one of its products. Irish company uses the perpetual system. Jan. 1 Beginning balance 8,000 70.00 Purchase 3,000 70.50 Feb. 5 Sale 10,000 Mar. 5 Purchase 11,000 73.50 Purchase return 800 73.50 Apr. 10 Sale 7,000 30 Sale return 300 13.) Assuming the FIFO perpetual method is used, what is the cost of the inventory on April 30?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 12GI: Consider each of the following independent situations. Should a company report the goods in its...

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