The following is the information for ABC Corporation for the inventory transactions The company sold 70 units on Jan 31 at $30/unit Unit Cost $10 $11 $12 $13 Date 1-Jan Units 20 25-Jan 40 40 26-Jan 28-Jan 50 a. Calculate the cost of goods sold on January 31, 2020, using the FIFO method b. Calculate the ending inventory using the FIFO method c. Record journal entry for purchase on Jan 28 assuming thatit was a credit purchase
The following is the information for ABC Corporation for the inventory transactions The company sold 70 units on Jan 31 at $30/unit Unit Cost $10 $11 $12 $13 Date 1-Jan Units 20 25-Jan 40 40 26-Jan 28-Jan 50 a. Calculate the cost of goods sold on January 31, 2020, using the FIFO method b. Calculate the ending inventory using the FIFO method c. Record journal entry for purchase on Jan 28 assuming thatit was a credit purchase
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
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 13RE: Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a...
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