Question
A retailer uses a first-in, first-out cost determination method in a perpetual inventory system. For the current month, the following purchase and sales transactions occurred:
A retailer uses a first-in, first-out cost determination method in a perpetual inventory system. For the current month, the following purchase and sales transactions occurred: Date Description Units Total Cost Selling Price Mar. 1 Opening inventory 100 $800 Mar. 3 Purchase 200 $1,800 Mar. 5 Sale 140 $16/unit Mar. 13 Purchase 100 $700 Mar. 15 Sale 60 $16/unit Mar. 28 Sale 110 $16/unit For each of the following, type the dollar amount (nearest dollar without dollar sign ($) or comma, e.g. 15000)? Mar. 5 cost of goods sold Answer Mar. 15 cost of goods sold Answer Mar. 28 cost of goods sold Answer Ending inventory, March 31 Answer Gross profit for March
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