Question
2. Yorkton Supply Company sells bicycle accessories. For one of the products, safety reflectors, they have the following inventory transactions. For the month of
2. Yorkton Supply Company sells bicycle accessories. For one of the products, safety reflectors, they have the following inventory transactions. For the month of June, what would be the Cost of Goods Sold and ending balance of Merchandise Inventory under the first-in, first-out method. Assuming the perpetual method, show a proper inventory schedule. Show all your work. (5 marks) Date: Transaction Units Cost/Unit Units remaining Jun 1 Opening balance 47 $ 4.49 3 Jun 3 Purchase 14 $ 4.94 2 Jun 5 Purchase 52 $ 5.16 8 Jun 8 Sale 100 Jun 12 Purchase 19 $ 5.83 3 Jun 16 Purchase 28 $ 6.06 4 Jun Jun Jun 30 Ending ???
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Intermediate Accounting
Authors: James D. Stice, Earl K. Stice, Fred Skousen
16th Edition
324376375, 0324375743I, 978-0324376371, 9780324375749, 978-0324312140
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