Question
A company purchased merchandise to be resold at increasing cost during the year 2017. The purchases were made at the following costs. January 1, 2017
A company purchased merchandise to be resold at increasing cost during the year 2017. The purchases were made at the following costs.
January 1, 2017 (carried over from 2016) - 20 units at $10
January 25, 2017 purchase - 40 unit at $11
June 20, 2017 purchase - 40 units at $12
October 10, 2017 purchase - 50 units at $13
The company sold 10 items at the end of each month.
What are the number of units and the cost of the goods available for sale?
FIRST BLANK = TOTAL UNITS
SECOND BLANK = TOTAL COST OF GOODS
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Financial Reporting and Analysis
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
7th edition
1259722651, 978-1259722653
