Intermediate Accounting
1st Edition
ISBN: 9780132162302
Author: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Publisher: PEARSON
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Textbook Question
Chapter 10, Problem 10.6BE
FIFO, Perpetual Basis. Spider incorporated provided the following information regarding its inventory for the current year.
Transaction | Units | Sales in Units | Unit Cost | Total Cost |
Beginning inventory 1/1 | 3,500 | $50 | $175,000 | |
Purchases | ||||
March 30 | 5,000 | 65 | 325,000 | |
July 15 | 1,000 | 72 | 72,000 | |
September 1 | 6,100 | |||
Total available for sale | 9,500 | $572,000 | ||
Units sold September 1 | (6,100) | |||
Ending inventory | 3,400 |
Determine Spider’s ending inventory and cost of goods sold under the FIFO perpetual basis.
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Chapter 10 Solutions
Intermediate Accounting
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