The data summarize the inventory-related activities of Grouper Inc. for the month of March. Note that...
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The data summarize the inventory-related activities of Grouper Inc. for the month of March. Note that the company experienced increasing unit costs for its purchases throughout the month. Date Mar. 1 Mar. 2 Mar. 15 Mar. 19 Mar. 30 (beginning inventory) 500 @ $3.70 1,400 @ $4.10 5,600 @ $4.30 Purchases 2,500 @ $4.60 10,000 500 units @ $3.70 = 1,400 units @ $4.10 5,600 units @ $4.30 2.500 units @ $4.60 10,000 units Grouper Inc. Ending inventory Cost of goods sold The cost of goods available for sale is calculated and shown below. $ $ $1,850 5,740 24,080 11,500 Sold or Issued $43,170 3,700 3,700 Assume that Grouper Inc. uses a periodic inventory system, where the inventory cost is calculated only at the end of the month. How are ending inventory and cost of goods sold calculated using the FIFO cost formula? Balance 500 units 1,900 units 7.500 units 3,800 units 6,300 units The data summarize the inventory-related activities of Grouper Inc. for the month of March. Note that the company experienced increasing unit costs for its purchases throughout the month. Date Mar. 1 Mar. 2 Mar. 15 Mar. 19 Mar. 30 (beginning inventory) 500 @ $3.70 1,400 @ $4.10 5,600 @ $4.30 Purchases 2,500 @ $4.60 10,000 500 units @ $3.70 = 1,400 units @ $4.10 5,600 units @ $4.30 2.500 units @ $4.60 10,000 units Grouper Inc. Ending inventory Cost of goods sold The cost of goods available for sale is calculated and shown below. $ $ $1,850 5,740 24,080 11,500 Sold or Issued $43,170 3,700 3,700 Assume that Grouper Inc. uses a periodic inventory system, where the inventory cost is calculated only at the end of the month. How are ending inventory and cost of goods sold calculated using the FIFO cost formula? Balance 500 units 1,900 units 7.500 units 3,800 units 6,300 units
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Related Book For
Calculus For Business, Economics And The Social And Life Sciences
ISBN: 9780073532387
11th Brief Edition
Authors: Laurence Hoffmann, Gerald Bradley, David Sobecki, Michael Price
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