Question
19) A company had the following purchases and sales during its first year of operations: Purchases Sales January:10 units at $120 6 units February:20 units
19)
A company had the following purchases and sales during its first year of operations:
Purchases Sales
January:10 units at $120 6 units
February:20 units at $125 5 units
May:15 units at $130 9 units
September:12 units at $135 8 units
November:10 units at $140 13 units
On December 31, there were 26 units remaining in ending inventory. Using the Perpetual FIFO inventory valuation method, what is the value of cost of goods sold? (Assume all sales were made on the last day of the month.)
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College Accounting Chapters 1-15
Authors: James A Heintz, Robert W Parry
19th Edition
0324376162, 978-0324376166
