Use FIFO in perpetual inventory system to prepare the following based on transactions 1-4 Purchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 1-Mar 400 30.00 12,000.00 5-Mar 15-Mar 20-Mar 31-Mar Balances 1 March 5 Purchased 200 units at $31.50. 2 March 15 sold 500 units at $45.00 3 March 20 purchased 300 units at $32.50 4 Provide final balance for Cost of Goods Sold and March 31 Inventory
Use FIFO in perpetual inventory system to prepare the following based on transactions 1-4 Purchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 1-Mar 400 30.00 12,000.00 5-Mar 15-Mar 20-Mar 31-Mar Balances 1 March 5 Purchased 200 units at $31.50. 2 March 15 sold 500 units at $45.00 3 March 20 purchased 300 units at $32.50 4 Provide final balance for Cost of Goods Sold and March 31 Inventory
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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