FIFO Inventory Totals Rust Company made the following inventory purchases during the month of April: Rust had

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FIFO Inventory Totals Rust Company made the following inventory purchases during the month of April:

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Rust had 20 units of inventory on hand at April | at a cost of $12 each. Ending inventory reported by Rust at April 30 was $1,220 using a FIFO cost flow assumption.

a. How many units of inventory did Rust Company have on hand at April 30?

b. How many units of inventory did Rust Company sell in April?

c. What was the cost of goods sold reported by Rust Company in its April income statement?

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Financial Accounting A Decision Making Approach

ISBN: 9780471328230

2nd Edition

Authors: Thomas E. King, Valdean C. Lembke, John H. Smith

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