Calculate cost of goods sold and ending inventory: periodic FIFO. (LO 3, 4) Radio Tech. Sales &

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Calculate cost of goods sold and ending inventory: periodic FIFO. (LO 3, 4)

Radio Tech. Sales \& Service Inc. began the month of April with three top-of-the-line radios in inventory, Model \# RD58V6Q; each unit cost \$235. During April, nine additional radios of the same model were purchased.

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Assume Radio Tech. uses a periodic inventory system and the FIFO cost flow method.

a. Calculate the cost of goods sold that will appear on Radio Tech.'s income statement for the month of April.

b. Determine the cost of inventory that will appear on Radio Tech.'s balance sheet at the end of April.

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Financial Accounting

ISBN: 9780131492011

1st Edition

Authors: Jane L. Reimers

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Question Posted: Jun 06, 2024 01:00 AM

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Calculate cost of goods sold and ending inventory: periodic FIFO. (LO 3, 4) Radio Tech. Sales &

Question:

April 9 April 11 Purchased three units at $230 each Sold five units at $350 each April 17 Purchased two units at $195 each April 18 Sold one unit at S350 April 20 Sold two units at $350 each April 28 Purchased four units at $180 each

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Financial Accounting

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