Question
A company uses the FIFO method for inventory valuation. Given the following inventory purchases and sales, determine the ending inventory and the cost of goods
A company uses the FIFO method for inventory valuation. Given the following inventory purchases and sales, determine the ending inventory and the cost of goods sold.
Date | Transaction | Units | Unit Cost | Total Cost |
Jan 1 | Beginning Inv | 100 | $10 | $1,000 |
Feb 15 | Purchase | 200 | $12 | $2,400 |
Mar 1 | Sale | 150 | ||
Apr 10 | Purchase | 150 | $14 | $2,100 |
May 5 | Sale | 100 |
Ending Inventory:
Cost of Goods Sold:
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Intermediate Accounting
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
1st edition
978-0133251579, 133251578, 013216230X, 978-0134102313, 134102312, 978-0132162302
