Refer to the data in Exercise 6-1. Assume that Parfour uses the specific identification method to cost
Question:
In Exercise 6.1
Parfour made purchases of a particular product in the current year as follows:
Calculate cost of goods sold and the gross profit.
Transcribed Image Text:
Jan. 1 Beginning inventory..75 units $12.00 900 Ma 250 units13.003,250 ar. 14 Purchased.. uly 30 Purchased. 500 units$14.00 Units available for sale........... 825 units Cost of goods available for sale 7,000 11,150 Jan. 10: 70 units from beginning inventory Mar. 15 3 units from beginning inventory, and 177 50 400 units from the March 14 purchase units from the March 14 purchase, and units from the July 30 purchase Oct. 5:
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Related Book For
Fundamental Accounting Principles
ISBN: 978-0071051507
Volume I, 14th Canadian Edition
Authors: Larson Kermit, Tilly Jensen
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